ONCO: uncertainties around potential out-of-court restructuring plan; FLRY CEO interview on M&A strategy (=); RDOR: sector shift in oncology toward integrated care (=)

Research evidence excerpt

ONCO: uncertainties around potential out-of-court restructuring plan; FLRY CEO interview on M&A strategy (=); RDOR: sector shift in oncology toward integrated care (=)

Global Research

9 July 2026ab

H&E Daily Equities

Latin AmericaONCO: uncertainties around potential out-of-

court restructuring plan; FLRY CEO interview Healthcare

on M&A strategy (=); RDOR: sector shift in Leonardo Olmos,AnalystCFA

oncology toward integrated care (=) leonardo.olmos@ubs.com+55-11-9658 7533

Eduardo Resende

Associate Analyst

eduardo.resende@ubs.com

Healthcare +55-11-2767 6015

ONCO: Lack of quorum at bondholder meetings; attempt at out-of-court

restructuring confirmed

ONCO released yesterday minutes of the bondholder meetings held on Monday (link,

link) regarding the 9th and 11th debenture issuances (amounting to R$1.5bn),

stating that they failed to reach the minimum quorum required to deliberate on the

proposed renegotiation. Attendance represented 0.43% and 1.19% of outstanding

bondholders in the 9th and 11th issuances, respectively. The minutes state that

ONCO will follow the necessary procedures to convene new meetings but no specific

timeline has been established. In addition, the company released a notice to the

market stating that it is engaged in discussions regarding a potential out-of-court

restructuring process, although with no timeline already defined.

UBS's view: Such developments could add another layer of uncertainty around a

potential out-of-court restructuring process, particularly given that approval of key

debt instruments was an important step toward advancing negotiations with

creditors. We recall that ONCO had previously attempted to negotiate with holders

of the 11th debenture issuance but none of the proposals under discussion received