By Brazil Stock Guide – Oncoclínicas (ONCO3) approved a credit facility ranging from R$100 million to R$150 million to finance the purchase of medications and ensure continuity across its supply chain, according to a regulatory filing — a move that highlights ongoing liquidity pressures at the company.
The proposal, structured by Mak Capital and Lumina, includes funding from Lumina, with the final amount contingent on the volume of receivables available as collateral. The transaction is designed to support drug purchases from OncoProd while preserving revenue flows within the group — a critical mechanism as the company seeks to stabilize operations.
The structure relies on receivables linked to contracts with health insurers, hospitals and corporate health plans, which will be pledged and potentially redirected to secure the financing. This approach effectively monetizes future cash flows, allowing Oncoclínicas to maintain operations without immediate equity dilution.
Execution remains subject to definitive agreements and customary conditions precedent, including the formal assignment of receivables and approvals from counterparties. These steps are particularly relevant in Brazil, where the enforceability of receivables-backed structures often depends on creditor consent and contractual flexibility.
Governance Reset
The financing comes alongside continued changes in governance. Founder Bruno Lemos Ferrari resigned from his roles as board member and vice chairman with immediate effect, while Marcelo Gasparino had previously stepped down as chairman.
To fill the vacancies, the board appointed Mateus Affonso Bandeira — nominated by Mak Capital — and Chief Executive Officer Carlos Gil Ferreira. Their mandates run until the Annual and Extraordinary Shareholders’ Meeting scheduled for April 30, 2026.
The board is now composed of Carlos Gil Ferreira, Eduardo Soares do Couto Filho, Marcel Cecchi Vieira, Marcelo Curti, Marcos Grodetzky, Mateus Affonso Bandeira and Raul Rosenthal Ladeira de Matos.
What It Means
The combination of short-term, receivables-backed financing and rapid board turnover reinforces the view that Oncoclínicas is undergoing a liquidity-driven restructuring. The reliance on structured credit — rather than traditional bank funding or equity issuance — suggests limited financing alternatives and underscores the urgency to stabilize operations while broader negotiations with creditors and potential strategic partners continue.
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