Correios is trying to make it possible, but the progress of the operation now depends on the Ministry of Finance.
The state-owned company’s board of directors has already taken the first step and approved the contracting of financing from public and private banks. It remains to be seen when (and if) the National Treasury and the Attorney General of the National Treasury. The Treasury, for now, officially states that there is no request under analysis.
Meanwhile, the state-owned company is trying to keep its restructuring plan afloat. Until September, the accumulated loss reached R$6 billion, almost three times the loss recorded in the same period last year.
Continues after advertising
The drop in revenue, the increase in operating expenses and new legal obligations worsened the situation, leading management to admit that it will not be able to go through the next few years without reinforcing cash.
Next, understand the next steps until the loan is released:
National Treasury Analysis
The Treasury will be the guarantor of the operation — which means it needs to assess the risk and formally approve the loan. Without this approval, no bank can move forward. Technicians will examine the state-owned company’s future payment capacity and the adequacy of the restructuring plan.
Opinion of the Attorney General of the National Treasury (PGFN)
The PGFN must legally validate the operation. It is this opinion that confirms that the government can assume the risk as guarantor and that the loan conditions are within federal rules.
Assembling and slicing financing
With favorable opinions, Correios will be able to negotiate the final conditions with the banks. The operation will be divided into installments, released throughout 2025 and 2026, to prevent the state-owned company from paying interest on resources that will not yet be used. Payment must take up to 15 years, with an initial grace period of at least two.
Execution of the restructuring plan
The loan does not solve the problem alone. The state-owned company has already announced the closure of up to a thousand loss-making agencies, a voluntary dismissal program that could affect around 10 thousand employees, changes to the employee health plan and the sale of properties, with the potential to raise up to R$1.5 billion. The measures attempt to reduce costs while the company expands services linked to e-commerce.
Continues after advertising
Goal: return to black from 2027
The board calculates that, even with the contribution, the years 2025 and 2026 will be a period of reorganization. Only in 2027 should the company start generating profits again.
Until then, Correios’ financial survival will depend on a combination of cost cutting, increased efficiency and disciplined execution of the restructuring plan.
