Alliança Saúde Files R$ 1.1 Billion Debt Plan

What Is Alliança Saúde's Extrajudicial Recovery Plan?

Alliança Saúde filed its extrajudicial recovery plan with the 2nd Bankruptcy and Judicial Recovery Court of São Paulo on Wednesday, 5 August 2026, seeking court ratification of a deal to restructure approximately R$ 1.1 billion in debt. In an extrajudicial recovery, the company negotiates directly with creditors and only brings the agreement to court for official approval — unlike judicial recovery, which is supervised by the judiciary from the outset.

Who Has Already Signed On?

More than 83 creditors have already joined the plan, including financial institutions, suppliers, service providers, and property and equipment owners. Together they represent roughly 54% of the total debt covered by the plan — enough to meet the legal quorum required for court ratification under Brazil's Bankruptcy and Recovery Act. Alliança says negotiations with remaining creditors are ongoing and it expects further adhesions both before and after the court's ruling.

How Will Creditors Get Paid?

The plan offers three main options:

• Debt-to-equity conversion: Creditors can swap their claims for shares in the company. Over 92% of the debt held by creditors who have already accepted the plan will be converted into equity. Alliança shares (ticker AALR3 on B3) closed at R$ 3.15 on 5 August, down roughly 37% year-to-date.
• Instalment payments: 30% of the debt paid in 11 annual instalments after a one-year grace period; the remaining 70% is forgiven.
• Lump-sum settlement: Smaller creditors can receive up to R$ 15,000 in a single payment within 180 days of ratification.

Special terms are also available for strategic suppliers and landlords of properties leased by the company, designed to preserve key commercial relationships.

What Does the Company Hope to Achieve?

Alliança says converting debt to equity and extending payment terms will significantly reduce its overall indebtedness and improve its financial position. The plan also allows the company to raise fresh capital to strengthen its cash position and meet ongoing obligations. The restructuring follows a change in the company's controlling ownership.