Oncoclínicas (ONCO3) informed the market that it filed, on Monday, July 13, a request for extrajudicial reorganization to restructure approximately R$ 5.1 billion in unsecured financial debts.
The request for out-of-court restructuring was unanimously approved by the Board of Directors and will be submitted for ratification at an extraordinary general meeting, according to a relevant fact disclosed on the morning of Tuesday, July 14.
The company states that it currently has the express consent of creditors holding approximately 37% of the covered credits. This percentage exceeds the minimum one-third required for filing the request, but still falls short of the more than 50% needed for judicial approval of the plan.
Oncoclínicas will have 90 days from the commencement of the extrajudicial recovery process to secure the support of debt holders holding more than 50% of the debt and to bind all covered creditors to the new payment terms.
The details of the restructuring plan were not disclosed. However, according to the company, it may involve a capital injection by shareholders, the conversion of some debt into equity, the replacement of some existing loans with new debt, and an extension of the amortization schedule.
Among the measures already adopted in the restructuring process, the company reported that two of its subsidiaries have terminated atypical lease agreements in the built-to-suit modality — as per negotiations anticipated by NeoFeed last year.
According to the relevant fact, the Centro Paulista de Oncologia terminated its contract with the Tellus Healthcare & Mixed-Use FII fund regarding a property on Avenida Angélica, in São Paulo, with a penalty estimated at R$ 76 million, already included in the credits covered by the extrajudicial recovery.
The other terminated contract was with Goiânia Medical Center, relating to a planned hospital in Goiânia (GO), the penalty for which is still being determined and remains uncertain, according to Oncoclínicas' own statement.
The out-of-court restructuring is the unfolding of a crisis that has deepened over the past few months. In April, Oncoclínicas breached a debt covenant by reporting leverage of 4.3 times in the ratio between net debt and EBITDA — above the limit of 3.5 times stipulated in the contracts — and failed to obtain a waiver from creditors .
Without the exemption, the company went to court to suspend the early termination clauses and, in its 2025 closing balance sheet, even admitted to "significant uncertainty" about its operational continuity.
One of the main obstacles in this process was the company's fragmented debt structure.
As then-CFO Camille Faria had already anticipated to NeoFeed in March , a significant portion of the financial instruments—especially CRIs (Real Estate Receivables Certificates) and some debentures—is in the hands of a large number of small holders, which made it difficult to obtain the minimum quorum at the creditors' meetings convened to deliberate on the waiver.
“There are instruments that are highly concentrated and held by well-known financial institutions. In that case, it’s an easier conversation. I talk to half a dozen people and explain the situation,” Faria said at the time. In the case of more widely distributed instruments, mobilization has never been sufficient.
With 37% of creditors already joining the plan, Oncoclínicas' challenge now is to convince the remaining majority in the next 90 days — and the dispersion of the debt, which already torpedoed the waiver attempt, continues to be an obstacle in this race.
On the B3 stock exchange, ONCO3 shares have fallen by 71% this year. Oncoclínicas' market capitalization is R$ 908.1 million.
