Correios Approves Overhaul Centered on Treasury-Backed Loan of Up to R$20 Billion

Overview

• Company governance cleared the three-phase restructuring on Nov. 19 to secure liquidity through 2026 and target profitability in 2027.
• The financing will be raised from a consortium of public and private banks with a federal guarantee, with at least R$10 billion expected initially to stabilize operations after a first round drew rates deemed too high.
• Cost measures include a new voluntary redundancy program, health-plan adjustments, optimization of up to 1,000 deficit service points, and real-estate sales estimated to raise about R$1.5 billion.
• Internal scenarios warn losses could reach R$10 billion in 2025 and R$23 billion in 2026 without action, after a first-half loss of roughly R$4.3–R$4.37 billion and a monthly cash drain near R$700–750 million.
• Correios reiterates that universal service is a non-negotiable obligation, citing the high cost of nationwide delivery and roles such as textbook distribution, ENEM materials and election logistics.