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Venezuela Creditors Back Legal Extension for Defaulted Bonds – Bloomberg

Venezuela Opposition Go to Extend Legal Deadline on Defaulted Bonds

Nicolle Yapur, Bloomberg News

EnergiesNet.com 08 18 2023

A group of creditors holding more than $11 billion of Venezuela’s defaulted bonds said they support an offer by the opposition to push back the legal deadline to sue for payment over the debt.

The Venezuela Creditors Committee said the so-called tolling agreement announced last week will help to avoid legal action and move toward the “ultimate goal” of an orderly debt restructuring, according to a statement released Thursday. Avoiding litigation, they said, is in the best interest of bondholders as well as Venezuelans.

The opposition-led National Assembly, legally authorized by the US to negotiate with creditors the country’s massive debt, last week approved an offer to toll the statute of limitations on the nation’s bonds in a bid to stop bondholders from suing for payment before the deadline starts expiring by the end of the year. Opposition controlled boards of state-owned oil company PDVSA and public utility firm Corpoelec also pushed the statute on their bonds.

READ: Venezuela Opposition to Push Back Deadline for Bonds Until 2028

PDVSA bonds, which trade at deeply distressed levels, rose slightly after the announcement, with traders pricing them as high as 5 cents on the dollar this week from as low as 2 cents in recent months. Sovereign bonds were little changed.

In 2017, Venezuela defaulted on some $60 billion of dollar bonds issued under New York law, which allows for a six-year statute of limitations period. Tolling the statute would mean investors are no longer forced to sue before the deadline to protect their rights. 

Stakeholders are still waiting for the US government to weigh in on whether it considers the opposition’s decision valid. 

bloomberg.com 08 17 2023

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