October 31, 2019
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
Opposition-aligned directors, appointed by Juan Guiadó, ask a US court to declare the state-owned oil company's 2020 notes null and void