Government Publishes Rescue Decree as Caixa Drives Talks for Smaller Guaranteed Loan to Correios

Overview

• An extra‑edition decree allows non‑dependent federal state companies to submit reequilibration plans that may include Treasury guarantees or limited aportes, with final approval by CGPAR and a maximum two‑year horizon after the first support.
• Finance Minister Fernando Haddad says the preferred path is a Treasury guarantee tied to a robust restructuring plan, with a direct aporte kept as a fallback within the fiscal framework and likely below R$ 6 billion if ever used.
• Following the decree, Caixa joined lender talks as negotiations pivot to a smaller facility in the R$ 10–15 billion range, roughly R$ 12 billion, structured to meet the Tesouro’s 120% of CDI cap after a prior 136% offer was rejected.
• According to government interlocutors, officials told Correios there is no time to execute a 2025 aporte, so the focus is on closing the bank loan as the Finance Ministry readies complementary rules and banks aim to formalize a proposal by Friday.
• Correios reported about R$ 6.05–6.1 billion in losses through September and faces December payroll, 13th‑salary and supplier pressures as its plan advances with measures such as a PDV, unit closures and new revenue lines.