Brazil cancer network Oncoclinicas seeks 40–50% creditor write-off on $640M debt, with $85M Q1 loss and $84M cash trapped at Banco Master.
Corporate Distress
Key Facts
—The gap. On March 31 the company held R$124m ($24m) in cash against R$3.5bn ($680m) of short-term financial obligations.
—The ask. Financial creditors are being pushed toward a write-off of 40 to 50 percent on R$3.3bn ($640m) of debt.
—The bank. R$430.9m ($84m) of company cash was trapped in deposits at Banco Master, which held 20 percent of its shares.
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