Correios closes loan of R$12 billion with banks

Correios closed a loan of twelve billion reais with banks to reinforce the state-owned company’s cash flow during the financial crisis faced by the company.

The information was released in the Official Gazette of the Union this Saturday (27), involving banks such as Itaú, Bradesco, Santander, Banco do Brasil and Caixa Econômica Federal. The decision is valid until 2040 and is guaranteed by the Union.

The loan was authorized by the National Treasury and is part of Correios’ restructuring plan. Furthermore, a new report from the Comptroller General of the Union pointed out that the state-owned company carried out an irregular accounting operation to hide a labor debt of one billion reais to just eighteen reais