US Sanctions May Play Part In $40M Venezuelan Bond Case

Law360 (December 1, 2020, 11:05 PM EST) -- A New York federal judge signaled his willingness on Tuesday to allow Venezuela's national oil company to seek evidence from a pair of banks that may show it was impossible for the company to repay some $40 million on a defaulted bond due to U.S. sanctions.

Declining for the moment to rule on a bid by the bondholder, a Portuguese company called Cimontubo-Tubagens E Soldadura LDA, to immediately order Petróleos de Venezuela SA and its subsidiary to repay the debt, U.S. District Judge George B. Daniels told the oil giant during a hearing that he would be willing to issue the...

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