Regional news: Venezuela

Venezuela appeals Crystallex award

The Venezuelan government is appealing a US district court’s confirmation of a US$1.39 billion arbitral award that distressed Canadian mining company Crystallex is relying on to pay creditors in CCAA proceedings.

26 April 2017

PdVSA postpones debt payments through bond swap, experts weigh possible default

Troubled Venezuelan state oil company Petróleos de Venezuela, SA (PdVSA) has dramatically reduced looming debt payments by closing a US$5.3 billion bond swap despite reservations from lawyers and criticism from ratings agency Standard & Poor’s.

26 October 2016

PDVSA pursues Paraguay in arbitration for unpaid debt

Venezuela’s national oil and gas company PDVSA has filed an arbitration claim against its Paraguayan counterpart Petropar as it looks to recover US$265 million in unpaid debt.

02 August 2016

NEW YORK: Potential PDVSA default could resemble Argentina’s protracted holdout battle

Panellists speaking at the first Latin Lawyer - GRR Restructuring Summit held in New York earlier this month were split over whether Venezuelan state-owned oil company PDVSA is on track for an imminent default: but there was broad agreement that the legal aftermath will share many similarities with Argentina’s highly litigious 15-year sovereign debt battle.

20 June 2016

NEW YORK: Distressed M&A deals in Latin America need cleaner strategies to soothe creditors

Lawyers representing debtors in distressed M&A deals in Latin America need to provide clearer communication strategies and valuation plans to avoid troubling creditors, guests at the first Latin Lawyer – GRR Restructuring Summit in New York heard last Monday.

16 June 2016

Mining company wins US$1.4 billion award in arbitration financed by debtor-in-possession lender

A Canadian mining company has won a US$1.4 billion arbitral award against Venezuela in a claim funded by its debtor-in-possession lender, the private equity fund Tenor Capital.

08 April 2016

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