Regional news: Venezuela

Receiver appointed over PDVSA subsidiary in Dutch Caribbean

A subsidiary of Venezuelan state oil company PDVSA has entered bankruptcy proceedings in the Dutch Caribbean island of Bonaire amid US sanctions on its business.

24 March 2021

Crystallex can proceed with sale of PDVSA refinery

A Delaware court has granted Canadian miner Crystallex permission to sell shares in the US refinery business owned by Venezuela’s national oil and gas company PDVSA, saying each day the creditor cannot collect a US$1.6 billion arbitration award is an “affront” to the US judicial system.

19 January 2021

Venezuela’s debt restructuring: predictable uncertainties – part 2

In the second part of his feature examining the “predictable uncertainties” in any eventual restructuring of Venezuela’s debt, Steven Kargman of Kargman Associates looks at the role China and Russia have to play as major bilateral creditors of Venezuela, and details the importance of oil price projections for any future debt sustainability analysis.

11 June 2020

Venezuela’s debt restructuring: predictable uncertainties – part 1

In the first of a two-part feature, Steven Kargman, founder and president of the eponymous New York-based international restructuring advisory firm Kargman Associates, examines the “predictable uncertainties” that will be key to any future Venezuelan debt restructuring.

10 June 2020

US removes sanctions on struggling Swedish oil refiner as PDVSA divests

Swedish oil refiner Nynas said it hopes to exit its administration process after the US announced it had removed sanctions imposed on the company last year under the Venezuela Sanctions Regulations.

14 May 2020

Paul Hastings and Willkie Farr advising as PDVSA claims bonds are illegal

Venezuela’s state oil company PDVSA has asked a New York court to declare a tranche of its notes due in 2020 as unenforceable and to prevent any seizure of its Texas-based oil refiner Citgo.

30 October 2019

GRR Live-Latin Lawyer, New York: Venezuela divided

Venezuelan companies that were worth US$1 billion 20 years ago, can now be bought for US$55 million, according to GCG Advisors managing partner Jose Gonzales. “If you want to take the risk, there should be plenty of opportunity.”

01 August 2019

GRR Live-Latin Lawyer, New York: The “unique” case of Venezuela's sovereign debt

The “astonishing” diversity of Venezuela’s US$150 billion debt pile means its potential sovereign debt workout will be unlike any seen before, the opposition government’s adviser Lee Buchheit has said, as he raised scepticism about state oil company PDVSA entering Chapter 15 bankruptcy in the US.

11 July 2019

Lee Buchheit to deliver keynote at LL-GRR restructuring summit in New York

Lee Buchheit, former Cleary Gottlieb Steen & Hamilton partner and newly appointed strategic advisor to the Venezuelan opposition, will deliver the keynote at Latin Lawyer - GRR's 4th Annual Restructuring Summit, which will be held on 11 July at Paul Hastings' office in New York.

18 June 2019

Venezuela to keep Citgo in Crystallex deal

Canadian mining company Crystallex, which is undergoing CCAA proceedings in Toronto, has received US$500 million from Venezuela as partial payment for an arbitral award, under a deal allowing the state to keep hold of its national oil company’s US refining subsidiary.

29 November 2018

Unlock unlimited access to all Global Restructuring Review content