PDVSA ad-hoc board sues bondholders

PDVSA ad-hoc board sues bondholders

Bonds Debt Capital Markets Corporate & Sovereign Strategy Asset Management Economy & Policy Fixed Income Funds Energy Regulation Politics Venezuela US

The ad-hoc board of Venezuela's PDVSA, appointed by the opposition leader Juan Guiadó, has asked a New York court to declare the state-owned oil company's 2020 bonds null and void, stripping investors of the right to claim the US refiner and distributor Citgo as collateral. The notes went into default on Monday, when PDVSA missed a $913 million interest payment. In October 2016, when PDVSA printed roughly $2.8 billion in 8.5% 2020 notes as part of a bond swap, it put up a 50.1% stake in Citgo as

Already have an account?

Free trial

Take a free two-week trial now for the latest news, data and market analysis.

Free Trial