Mak Capital escalates pressure on Oncoclínicas, demands a change in management, and warns of critical risk.

Mak Capital has decided to escalate its offensive against Oncoclínicas . In a new letter sent to the company's management and board of directors, the hedge fund describes a "critical" situation and conditions any financial solution on profound changes in corporate governance.

Sources close to the American asset manager told NeoFeed that the document marks an escalation compared to previous communications. More than reiterating concerns about the future of Oncoclínicas, Mak now combines financial, institutional, and legal pressure. And it makes clear that it sees an imminent risk of liquidity problems – and bankruptcy – if the company does not change course.

In the first letter sent to the largest group specializing in cancer treatment in Latin America, on March 24, Mak had offered up to R$ 500 million in capital, in addition to requesting the removal of the board and the convening of an extraordinary general meeting (EGM) - a mandatory requirement that the company failed to comply with, disobeying a rule of the Securities and Exchange Commission ( CVM ) for those who hold more than 5% of a company's capital.

Mak, which owns 6.3% of the capital, states that Oncoclínicas' situation requires "immediate and organized action." Among the points highlighted, the asset manager cites the failure to obtain waivers related to debts – the company was trying to extend the term of five debenture issues to avoid the early maturity of its debts as early as April 2026.

Furthermore, there is the delay in the release of the financial statements. On Friday, March 27, the company informed the market of the postponement of the release of its 2025 results, which was initially scheduled for Monday, March 30, and had been postponed to April 9.

In general, this type of movement is interpreted as a sign of internal difficulties, especially when it occurs amidst questions about covenants and capital structure.

According to the letter, this set of factors occurs in a context that may involve breaches of covenants , defaults , and even cross-defaults . According to sources close to the management company, Oncoclínicas is currently experiencing increasing signs of operational disruption.

The cash flow crisis is already affecting operations, with treatment rescheduling and renegotiations with suppliers, indicating that the financial problem may be spilling over into the healthcare service, Bloomberg Line reported.

In practice, Mak's diagnosis is that the company is going through a period of severe liquidity stress, with a risk of worsening in the short term.

Money on the table

In contrast to the tougher and more direct tone, the hedge fund is once again positioning itself as part of the solution and has reportedly presented two proposals to the Oncoclínicas board .

The first would be a short-term structure, with the potential to raise between R$100 million and R$150 million, through the monetization of receivables.

The second proposal, which reinforces the value presented in the first letter to the company, involves a more comprehensive restructuring of up to R$ 500 million.

The proposals would seek to avoid alternatives considered more destructive to value. According to the source who spoke with NeoFeed , the M&A with Porto and Fleury is an operation that implies the transfer of significant assets in a stressful environment.

But Mak emphasizes that it is necessary to change corporate governance and have a management style that is "aligned" and inspires confidence in the market and minority shareholders.

The reconfiguration of the board of directors is a key and non-negotiable point for Mak, which reportedly requested the replacement of two board members and nominated four new names.

The names are Mateus Bandeira, former CEO of Oi; Fabio Jung, from the Boston Consulting Group (BCG); Ademar Vidal Neto; and Marcos Grodetzky, former CFO of Cielo, who is part of the current board but is seen as aligned with Mak's agenda.

The inclusion of profiles with turnaround experience reinforces the view that Mak sees Oncoclínicas in a scenario that goes beyond a one-off adjustment. According to the hedge fund, the board is slow to make decisions and does not see the necessary urgency for a comprehensive restructuring.

Questions regarding transparency

In addition to the financial and decision-making problems, Mak is also demanding transparency in the information provided by Oncoclínicas.

The hedge fund remains concerned that the managers have not formally registered their opposition to decisions that may go against the company's interests – in this case, their opposition to the approval of the M&A agreement.

Among the points of these failures in disclosing information to the market are the non-publication of dissenting opinions from independent directors, the lack of disclosure of financing proposals, and omissions regarding recent relevant facts.

In this escalating pressure on Oncoclínicas, Mak is requesting access to complete information and insists that any relevant decision must involve it, from restructuring and asset transactions to any potential out-of-court recovery process.

After rising 57.05% in the trading session of March 23, ONCO3 stock fell 38.4%, closing at R$ 1.51 on Tuesday, March 31. The company's market capitalization is R$ 1.74 billion.