H&E Daily "ONCO: Out-of-court restructuring plan on the radar; COGN: a..."

Research evidence excerpt

H&E Daily "ONCO: Out-of-court restructuring plan on the radar; COGN: a..."

Global Research

8 July 2026ab

H&E Daily Equities

Latin AmericaONCO: Out-of-court restructuring plan on the

radar; COGN: a colour on marketing Healthcare

investments; Q2 US Biotech catalyst heatmap Leonardo Olmos,AnalystCFA

leonardo.olmos@ubs.com

+55-11-9658 7533

Eduardo Resende

Healthcare Associate Analyst

ONCO: Out-of-court restructuring plan reportedly expected to be filed by Friday eduardo.resende@ubs.com

+55-11-2767 6015

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

between today and Friday. Negotiations with creditors may involve a 40-50%

haircut, and the company's strategy is to secure the support of creditors

representing at least 1/3 of its liabilities in order to file the request with SP courts.

Following this step, ONCO would need to obtain the approval of creditors

representing more than 50% of the claims for the plan to be approved. The company

has already reached an agreement with CRI holders, but has yet to strike a deal with

debenture holders, who account for R$1.5bn of the outstanding debt (bondholders'

meeting scheduled for last Monday failed to reach quorum). ONCO is also in

negotiations with pharmaceutical distributor OncoProd, to which it owes R$1.2bn.

UBS's view: Move already on investors’ radar. In the notice convening Monday's

bondholders' meeting to renegotiate the terms of its 9th and 11th debenture

issuances (which, according to press reports, failed to reach the required quorum)

ONCO had already signalled the possibility of pursuing an out-of-court restructuring

plan (more here). We recall that the company breached its financial covenants as of

year-end 2025 and, in April, obtained a 60-day protective court order shielding it