Caixa says loan was very unsuccessful operation

Corinthians finally settled the dispute with Caixa Econômica Federal and will repay the loan it received for the construction of Neo Química Arena. There are more than 611 million of a debt contracted in 2014 and that could drag on for another 19 years, so the bank’s president classifies the entire operation as “very unsuccessful”.

“Caixa’s team has been working very hard on this, it is a public interest, and now a restructuring operation has been launched to have new guarantees and recover these resources. It was a very unsuccessful credit operation that we are still trying to recover, this is another chapter of this”, said Daniella Marques to Jovem Pan radio, yesterday (25).

The debt restructuring agreement was announced by Corinthians yesterday. The club will pay interest on the loan again between 2023 and 2024, and from the following year it will repay the main debt. The financing runs until 2041. These are quarterly installments of undisclosed amounts due to the confidentiality of the contract, but it is certain that the amount collected from the naming rights of the stadium and part of the box office of the games will be directed to this payment.

“We are recovering. Now we reinforce the guarantees and this way we start to create an amortization flow. This gives a much greater payment feasibility, since the club has a very valuable asset, whether in the huge crowd, at the box office, in the players or in the sale of broadcasting rights. This allows the scenario to be different from now on”, completes the president of Caixa Econômica Federal.

Corinthians understands that the debt restructuring gives the club breath after a legal dispute that lasted three years. In 2019, Caixa claimed delay in paying back the loan made by BNDES five years earlier, went to court and asked for the return of everything at once – about R$ 536 million at the time. The process dragged on under the risk, albeit remote, of the stadium being auctioned if the bank won the dispute. There is now a new agreement in place, and the first installment is due in March 2023.

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