Venezuela Hit With Default In Saint-Gobain's $42M Award Row
Law360 (June 12, 2019, 6:48 PM EDT) -- Saint-Gobain Performance Plastics Europe persuaded a Delaware federal court to hold Venezuela in default Wednesday after the country failed to respond to the French company’s suit seeking to enforce a more than $42 million award over the seizure of its fracking supply plant.
The court clerk entered a default against Venezuela and state-owned oil company Petróleos De Venezuela SA in light of their silence in the French plastics company’s litigation aimed at registering and enforcing a 2017 arbitral award.
The award stemmed from Venezuela’s expropriation of Saint-Gobain subsidiary NorPro Venezuela CA’s plant, which was designed to make ceramic proppants, or beads...
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