{"id":98248,"date":"2026-04-16T21:22:11","date_gmt":"2026-04-17T00:22:11","guid":{"rendered":"https:\/\/murray.adv.br\/?p=98248"},"modified":"2026-04-16T21:22:11","modified_gmt":"2026-04-17T00:22:11","slug":"brazilian-companies-flag-growing-risks-to-staying-afloat","status":"publish","type":"post","link":"https:\/\/murray.adv.br\/en\/brazilian-companies-flag-growing-risks-to-staying-afloat\/","title":{"rendered":"Brazilian companies flag growing risks to staying afloat"},"content":{"rendered":"<section class=\"content--header\">\n<div class=\"row content-head non-featured \">\n<div class=\"title\">\n<h6 class=\"content-head__title\" style=\"text-align: center\"><strong><em>Wave of balance-sheet warnings reflects tighter liquidity and mounting debt pressures<\/em><\/strong><\/h6>\n<\/div>\n<\/div>\n<div class=\"content__signa-share\">\n<div class=\"content__signature\">\n<div class=\"content-publication-data\">\n<div class=\"content-publication-data__text\">\n<div class=\"content-publication-data__from\"><\/div>\n<p class=\"content-publication-data__updated\"><time datetime=\"2026-04-16T06:54:37.844-03:00\">04\/16\/2026<\/time><\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"content__share-bar-container\">\n<div class=\"content__share-bar\"><\/div>\n<\/div>\n<\/div>\n<\/section>\n<div id=\"mc-article-body\" class=\"mc-article-body \">\n<article>\n<div class=\"no-paywall\">\n<div class=\"row medium-uncollapsed content-media content-photo\" data-block-type=\"backstage-photo\" data-block-id=\"0\">\n<div class=\"mc-column content-media__container\" data-image-display=\"normal\">\n<div class=\"content-media-container\" style=\"text-align: center\">\n<figure class=\"content-media__figure\"><img loading=\"lazy\" decoding=\"async\" class=\"content-media__image aligncenter\" src=\"https:\/\/s2-valorinternational.glbimg.com\/3uPn4PoEzaErNqftEuOzUX78OHQ=\/0x0:1153x844\/984x0\/smart\/filters:strip_icc()\/i.s3.glbimg.com\/v1\/AUTH_37554604729d4b2f9f3eb9ad8a691345\/internal_photos\/bs\/2023\/j\/B\/mYBRuBQ6Avg0bnWC48Hw\/09emp-100-marisa-b1-img01.jpg\" alt=\"Retailer Marisa is one of the companies dealing with financial strain for some time \u2014 Foto: Divulga\u00e7\u00e3o\" width=\"1153\" height=\"844\" \/><figcaption class=\"content-media__description\"><em>Retailer Marisa is one of the companies dealing with financial strain for some time \u2014 Photo: Divulga\u00e7\u00e3o<\/em><\/figcaption><\/figure>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"mc-column mc-side-item__container\" data-block-type=\"ads\" data-block-id=\"1\">\n<div class=\"mc-side-item mc-side-item--right content-ads content-ads--side-ad mc-side-item-block\"><\/div>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"59\" data-block-id=\"2\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">The financial troubles facing a group of listed companies have triggered an unprecedented wave of warnings in financial statements, often issued by management itself, pointing to material uncertainty related to the companies\u2019 ability to continue as a going concern. When that happens, the common thread is usually a lack of sufficient short-term funds to cover debt coming due soon.<\/p>\n<\/div>\n<div class=\"wall protected-content\">\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"48\" data-block-id=\"4\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">In the latest earnings season, cancer care provider Oncocl\u00ednicas, petrochemical company Braskem, fashion retailer Marisa, supermarket chain GPA, hospital group Kora Sa\u00fade and ethanol, sugar and bioenergy producer Ra\u00edzen all published financial statements carrying that disclaimer. Among them, GPA and Ra\u00edzen filed for out-of-court debt restructuring this year.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"38\" data-block-id=\"5\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">A Valor survey showed that at the end of 2024, those companies had combined positive shareholders\u2019 equity of R$23.6 billion. A year later, the combined equity of the groups carrying going-concern warnings had fallen to negative R$13.7 billion.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"36\" data-block-id=\"6\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">Broadly speaking, the picture boiled down to three situations: erosion of equity at Oncocl\u00ednicas, Kora, GPA and Marisa; a swing into negative equity at Ra\u00edzen; or an already negative equity position that deteriorated further at Braskem.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"31\" data-block-id=\"7\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">The view is that high interest rates, demand weakened by a tougher environment and company-specific management problems hurt results and are likely to prompt similar warnings from more companies this year.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"4\" data-block-id=\"8\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\"><strong>Pressure from debt, liquidity<\/strong><\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"65\" data-block-id=\"9\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">Oncocl\u00ednicas, which released its management report last week, said in the notes to its financial statements that the uncertainty is tied to R$430.8 million deemed lost after investments in Banco Master, in addition to the \u201ccollapse\u201d of Unimed Ferj, which totaled R$861 million. The company also cited a \u201cdecline in recurring revenue\u201d following a review of its commercial policy, making it also an operational issue.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"26\" data-block-id=\"10\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">Management said the rise in the company\u2019s total leverage ratio was driven mainly by the macroeconomic backdrop in 2025, including higher interest rates and rising defaults.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"55\" data-block-id=\"11\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">On the risks to the company\u2019s continuity, Deloitte said Oncocl\u00ednicas posted a consolidated net loss of R$3.6 billion in 2025 and had negative working capital of R$2.3 billion in December 2025. In other words, short-term debt exceeded short-term assets by more than R$2 billion. A year earlier, that figure had been positive at R$2.2 billion.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"26\" data-block-id=\"12\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">When a company breaches covenants agreed in contracts with creditors, debt can be accelerated, creating a snowball effect because the early maturity swells total gross debt.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"50\" data-block-id=\"13\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">At Braskem, KPMG said in the company\u2019s 2025 financial statements that the material uncertainty surrounding its ability to continue as a going concern was based on consolidated negative equity of R$16.5 billion and negative working capital of R$9.7 billion. That means short-term liabilities exceeded short-term assets by almost R$10 billion.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"44\" data-block-id=\"15\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">In explaining the rise in this risk, Braskem cited years of weaker-than-expected global demand and excess global supply, which led to a deterioration in the financial condition of both the company and Braskem Idesa, its joint venture with Mexico\u2019s Idesa group formed in 2010.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"29\" data-block-id=\"16\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">The company said in its last year\u2019s financial report that it remains in operation, with business activities ongoing and initiatives under way to restructure its finances and rebuild liquidity.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"4\" data-block-id=\"17\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\"><strong>Marisa under going-concern warning<\/strong><\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"54\" data-block-id=\"18\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">Another company that has been dealing with financial strain for some time, Marisa also disclosed material uncertainty related to its ability to continue as a going concern in its year-end 2025 earnings report. Its auditor, BDO, highlighted the issue in its opinion, although the fashion retailer itself used milder language when addressing the matter.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"45\" data-block-id=\"19\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">To illustrate the amounts involved, nearly R$200 million in debt comes due within 12 months from the end of 2025, with another R$138 million maturing between 13 and 24 months. A year earlier, at the end of 2024, the total coming due ws R$123 million.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"48\" data-block-id=\"20\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">In Marisa\u2019s 2025 report, BDO cited a R$59.9 million net loss last year, down 81%, and negative working capital of R$360.7 million. A year earlier, the retailer\u2019s annual report had already highlighted the same going-concern issue, and working capital was also negative, though at a smaller R$308 million.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"45\" data-block-id=\"21\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">In the notes to its 2025 financial statements, Marisa acknowledged those figures but said it prepared the statements on the assumption that it will be able to meet its obligations. It also said management is implementing measures to restore its financial balance and equity position.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"25\" data-block-id=\"22\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">At the same time, the retailer said its cash-flow projections point to the need to maintain financial discipline and carry out operational and financial measures.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"59\" data-block-id=\"23\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">Asked for comment, Braskem, GPA, Kora, Oncocl\u00ednicas and Ra\u00edzen declined to comment. Marisa said in a statement that the emphasis mentioned by its auditors does not represent a new development, as it had already been disclosed in previous periods, and reaffirmed that its financial statements adequately reflect the retailer\u2019s equity and financial position, in compliance with Brazilian accounting standards.<\/p>\n<p data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">*By\u00a0Adriana Mattos\u00a0and\u00a0Fernanda Guimar\u00e3es\u00a0\u2014 S\u00e3o Paulo<\/p>\n<p data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">Source: Valor International<\/p>\n<p>https:\/\/valorinternational.globo.com\/<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/article>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Wave of balance-sheet warnings reflects tighter liquidity and mounting debt pressures 04\/16\/2026 Retailer Marisa is one of the companies dealing with financial strain for some time \u2014 Photo: Divulga\u00e7\u00e3o The financial troubles facing a group of listed companies have triggered an unprecedented wave of warnings in financial statements, often issued by management itself, pointing to [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8106],"tags":[26867,26868],"class_list":["post-98248","post","type-post","status-publish","format-standard","hentry","category-murray-news","tag-brazilian-companies-flag-growing-risks","tag-mounting-debt-pressures"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - 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