Venezuela Won't Prevail In Bid To Nix 2020 Bonds, Court Told

Law360 (November 8, 2019, 9:54 PM EST) -- Litigation filed by Venezuela's state-owned oil company to invalidate $1.68 billion worth of government bonds due to mature next year is "highly unlikely" to succeed, because payments were made on the bonds as recently as April, the trustee and collateral agent have told a New York federal court.

Petroleos de Venezuela SA — now under the control of an ad hoc administrative board appointed by Venezuelan opposition leader Juan Guaidó — filed the litigation in the Southern District of New York on Oct. 29 in a bid to preserve Citgo Petroleum Co., which is owned by a PDVSA subsidiary and which...

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