The economist warns that the process must begin with a forensic audit of liabilities. The scale and diversity of creditors will require a combination of traditional instruments and mechanisms linked to economic and fiscal performance. Neirlay Andrade Venezuela faces the challenge of restructuring an external debt whose size, composition, and creditor diversity make the process […]
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The Daily Journal.- The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) extended through November 5 the protection that prevents holders of Petróleos de Venezuela (PDVSA) 2020 bonds from seizing, without specific authorization, the Citgo shares that serve as collateral for the debt. OFAC adopted the measure through General License 5Z, which it issued […]
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The Daily Journal.— Venezuelan-owned U.S. refiner Citgo Petroleum reported a net profit of $936 million in the second quarter of the year, sharply higher than the $100 million it reported during the same period a year earlier, according to Reuters. Developments in the international energy market drove the company’s stronger financial results, “amid stronger refining […]
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The Daily Journal – Current prices of Venezuela’s sovereign bonds largely reflect market expectations of a future external debt restructuring and a recovery in oil production, according to a report by Oxford Economics. The consulting firm argues that the recent rally in Venezuelan bonds, which it forecast in a February analysis, continues to rest on […]
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The Daily Journal — Venezuela is preparing to disclose public debt approaching $240 billion, a figure far higher than previous market estimates and one that would make the country the center of the largest sovereign debt restructuring in history, the British newspaper Financial Times reported on Wednesday. According to the financial newspaper, the administration led […]
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Alejandro J. Sucre — Venezuela faces one of the most complex sovereign debt restructuring processes in its history. The scale of the challenge is undeniable: years without international audits, debt instruments scattered across multiple jurisdictions, opaque bilateral debt with China and Russia, and arbitration awards issued by the International Center for Settlement of Investment Disputes […]
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