Oncoclínicas Posts R$3.67 Billion Loss as Deloitte Warns on Ability to Continue

Overview

• Oncoclínicas reported Thursday a R$3.67 billion loss for 2025, with Deloitte flagging a going‑concern risk after debt covenant breaches left about R$2.3 billion in negative working capital and gave lenders the right to call debts early.
• Management linked the collapse to unpaid receivables from Unimed Ferj of roughly R$861 million and losses of about R$430.8 million on Banco Master investments after the bank’s liquidation.
• Leverage calculated for loan covenants reached about 4.27–4.3 times EBITDA versus a 3.5 times cap, which forced the company to reclassify long‑term debt as due within a year and triggered talks for waivers and standstill deals.
• Talks with potential backers include a non‑binding Porto Seguro plan to place clinics in a new company, an add‑on that involves Fleury, and a competing Mak Capital proposal that includes a possible R$500 million injection tied to an April 30 shareholder meeting.
• Patients have reported postponed chemotherapy and shortages of cancer drugs, and on Friday the CEO said keeping outpatient care running is the top priority as the company weighs court protection from creditors, sells assets, and addresses audit‑noted control gaps.