São Paulo court rejects Corinthians’ debt repayment plan

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Central do Timão

·19 de noviembre de 2025

São Paulo court rejects Corinthians’ debt repayment plan

By Fabio Luigi / Central do Timão Editorial Team

Corinthians had its debt payment plan presented under the CPE (Centralized Enforcement Regime) rejected by the São Paulo Court, through Judge Guilherme Cavalcanti Lâmego, of the 2nd Bankruptcy Court. The information was initially published by the portal UOL Esporte.

However, the judge kept the process active and extended the suspension of debt enforcements against the club from Parque São Jorge for another 60 days. The CPE allows institutions to centralize all their debts in a single process. In Corinthians' case, R$ 367 million are included in the plan, and R$ 190 million of this total are already in the enforcement stage in court.

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Photo: José Manoel Idalgo/Agência Corinthians

The judge also requested that Corinthians allocate at least 20%—as provided by the SAF Law—of its monthly revenues to pay off debts incurred before the start of the process. Initially, the club had proposed to settle the debts under the CPE in ten years, using between 4% and 8% of its revenue, which was deemed illegal and therefore rejected.

Corinthians could allocate a percentage lower than 20% if it presented proof that it is using such resources to settle debts incurred before the start of the plan. So far, the club has not provided such evidence. The "partner creditors" category present in Corinthians' plan was considered illegal.

The judge stated that Law 14.193 does not provide for the creation of privileged groups outside the possibilities provided by law. Therefore, the model proposed by Corinthians breaks the principle of equality among creditors. Furthermore, the judge pointed out that the fact that one third of the resources presented in the plan would be allocated to "partner creditors" made the irregularities even more serious.

On the other hand, the São Paulo Court did not change the possibility of a reverse auction, which favors creditors who accept discounts on the debts, but did change the deadline. Corinthians wanted to wait up to two years after the receipt of funds from player sales, but the judge determined that the auction must take place within one month.

If Corinthians does not carry out this process within the deadline, 20% of the total amounts obtained from player sales will be allocated to debt payments. The club's legal department has up to 10 days to indicate whether it accepts the terms of the decision. If it refuses, the possible agreement will be terminated and, as a result, the club will have to negotiate its debts individually with its creditors.

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