Correios seek new agreement with Treasury after rejection of billion-dollar loan

After the denial of the R$ 20 billion loan, Correios state that they are renegotiating with the Treasury for alternatives to obtain approval to continue their operations. In an internal document sent to the state-owned company’s employees on Friday night, the company’s top management states that the goal now is to adjust the financial model presented to the government and reconstruct the credit proposal. The text justifies to the workers that the Treasury did not provide assurance for the loan due to disagreement over the financial conditions proposed by the banks. The document continues to say that the top management of the state-owned company is considering alternatives to solve the problem.