H&E Daily "ONCO: out-of-court restructuring on the radar; SulA/HAPV/SAUD..."

Research evidence excerpt

H&E Daily "ONCO: out-of-court restructuring on the radar; SulA/HAPV/SAUD..."

Global Research

19 June 2026ab

H&E Daily Equities

Latin AmericaONCO: out-of-court restructuring on the

radar; SulA/HAPV/SAUD: proposed GLP-1 Healthcare

incorporation at SUS; bill on patent extensions Leonardo Olmos,AnalystCFA

leonardo.olmos@ubs.com

+55-11-9658 7533

Eduardo Resende

Healthcare Associate Analyst

ONCO reportedly expected to file out-of-court restructuring within two weeks eduardo.resende@ubs.com

+55-11-2767 6015

Valor reported yesterday that ONCO is expected to file an out-of-court restructuring

request within the next 15 days. The company is reportedly in advanced

negotiations with creditors regarding its R$4bn debt and discussions with creditors

include a proposed 40-50% haircut. The most complex component reportedly

involved negotiations with CRI holders given the fragmented investor base, but the

company seems to have reached an agreement with a representative of these

securities.

UBS's view: Move already on investors' radar. Early this week, ONCO has convened

bondholder meetings on July 6th to renegotiate the terms of its 9th and 11th

debenture issuances, already mentioning an eventual out-of-court reorganization

plan (more here). We recall that the company breached covenants as of 2025 YE

and, in April, filed a 60-day precautionary measure against creditors’ claims, which

expired on Jun-16th.

SulA/HAPV/SAUD: Novo Nordisk proposes semaglutide for SUS at 59% discount

Novo Nordisk submitted to Conitec a request to include semaglutide at SUS with a

59% reduction in the reference price, representing one of the lowest prices for the

drug globally. The current proposal (submitted in May), however, is more