Bondholders Say Venezuela Defense In $1.68B Case Falls Flat

Law360 (June 29, 2020, 6:50 PM EDT) -- The holders of some $1.68 billion in Venezuelan bonds are arguing that leaked comments made by the country's special attorney general acknowledging the weakness of its legal efforts to protect Citgo undermine arguments from the country's U.S. ambassador that the bonds violate Venezuelan law.

The holders of the bonds, which were issued by the country's state-owned oil company Petróleos de Venezuela SA, or PDVSA, argued on Friday that a letter the court received from Ambassador Carlos Vecchio earlier this month is "just the latest example of the sovereign rewriting its own history and law" in order to cover up the shortcomings...

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