National Treasury Secretary Rogério Ceron said Monday that the Correios restructuring operation has been “very successful” and that the next step will involve continuous monitoring to guarantee the advancement of the process and the restoration of the sustainability of the public company.
— I think this first step was a very successful operation. Now the idea is to monitor it closely and ensure that the company can complete this structuring process and return to economic and financial viability, he said.
Recently, the Treasury approved a loan of up to 12 billion reais to Correios, intended for the economic and financial restructuring of the company. Despite the total amount authorized, the public company will be able to use up to 5.8 billion reais in 2025, a limit compatible with the primary deficit estimated for the year.
According to the Secretary of State, the first phase, which consisted of concluding short-term operations, has already been completed, with emphasis on the role of the Treasury in defining financial conditions.
— Here it is appropriate to emphasize the role of the Treasury, helping them to carry out an operation that would remain within the limit of a certain interest rate, — he said.
He stressed that the renegotiation had a significant impact on reducing financial costs.
— Just to give you an idea, the fact that we were able to help them renegotiate the first operation and obtain a new one within the limits of this interest limit will generate a saving of 5 billion reais in interest — he said.
The operation will have a duration of 15 years, with a grace period of three years, and an interest equivalent to 115% of the Interbank Deposit Certificate (CDI), the reference rate for interbank operations and close to the Selic. The percentage was lower than the usual limit of 120% of the CDI adopted by the Treasury in operations guaranteed by the Union.
This Monday, the president of Correios, Emmanoel Rondon, published a restructuring plan that provides for a change in the corporate regime of the public company, with the possibility of an IPO. In this scenario, Correios, currently 100% public, could become a mixed economy company, like Petrobras and Banco do Brasil, which have private shareholders.
The plan also includes the closure of a thousand own branches, spending reductions estimated at 5 billion reais by 2028, the sale of properties and the implementation of two voluntary dismissal plans (PDV), with the aim of reducing the workforce by 15,000 employees by 2027.
Commenting on the possibility of contributions and the regulatory framework of the public company, Ceron explained that there is a specific regulatory provision for companies undergoing restructuring and that, in this context, possible contributions do not characterize dependence.
— There is, for example, a decree that deals with this model of companies seeking to restructure financially — he said.
— They are in fact planning, by 2027, to have a contribution or a complementary operation to support the restructuring they are planning. So that’s something we’ll be watching closely.
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