The money, in the short term, will be used to pay the public company’s obligations, such as paying salaries, court rulings and unpaid debts. The company must therefore return to compliance.
According to the transaction statement, the contract will last 15 years, until 2040. The objective is the financing of working capital and strategic investments. Since President Emmanoel Rondon took over the company at the end of September, he had been trying to close the company to pay off debts and implement a restructuring plan.
The loan is conditional on a restructuring plan for Correios including measures to reduce costs and increase revenues so that the state-owned company returns to profit in 2027.
The plan provides for the voluntary dismissal of 15 thousand workers, 10 thousand in 2026 and 5 thousand in 2027. The closure of a thousand postal units and new partnerships with the private sector are also planned.
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