The president of Correios, Emmanoel Rondon, said this Monday (29) that the company will try to raise an additional 8 billion reais in 2026, as part of its restructuring plan, and said that it has not yet been defined whether the resources will be obtained through contributions from the National Treasury.
The state-owned company has already signed a loan agreement worth 12 billion reais with public and private banks, but the initial request was for credits of 20 billion reais. “The need to raise 8 billion reais remains,” Rondon told reporters when presenting Correios’ restructuring plan.
The adjustment measures are part of Correios’ commitment with banks and the federal government to return accounts to black starting in 2027. “This financing need (of BRL 8 billion) will manifest itself in 2026. Whether the best option is a contribution (from the Treasury) or another credit operation, it has not yet been defined,” the president said.
The company’s restructuring actions include the settlement of debts with suppliers and banks, a new PDV (voluntary dismissal program) to lay off 15 thousand employees in 2026 and 2027, the sale of properties and the reformulation of the position and salary structure as well as the company’s health plan, among other initiatives.
As expected by Leafthe company hopes to save up to 4.2 billion reais in expenses per year through the implementation of adjustment measures. The full impact will only be visible from 2029. Before then, the net gain will be less, due to the need to invest in point-of-sale incentives and health plan compensation, but there will be gradual growth.
Correios is also looking for partnerships with other companies and is even studying the possibility, in the future, of going public, transforming into a mixed economy company, maintaining control of the Union – as is already the case with Petrobras and Banco do Brasil, for example.
The loan granted to the banks will be guaranteed by the National Treasury, which will honor payments in the event of default, and is directly linked to the restructuring plan. The operation is seen as a sort of bridge to a new situation for the company, which is currently facing a serious cash flow problem.
On December 19, the state-owned company managed to pay its employees’ 13th salary on time, but had to postpone other expenses as bank credit had not yet been released. The contract was actually only signed on Friday (26), with the extract of the transaction published on Saturday morning (27) in an additional edition of the DOU (Federal Official Gazette).
The proposal was presented by a group of five banks, formed by Banco do Brasil, Caixa Econômica Federal, Bradesco, Itaú and Santander. The first three will each lend 3 billion reais, while the last two will each lend 1.5 billion reais.
The cost of the operation amounted to 115% of the CDI (Interbank Deposit Certificate), within the limit of the 120% ceiling set by the National Treasury to grant the sovereign guarantee.
The duration of the contract is 15 years, with the first three years of grace period (initial period during which the company will not pay installments).
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