Venezuela Oil Co. Says It Never Waived Sanctions Defense

Law360 (January 27, 2021, 7:47 PM EST) -- A subsidiary of Venezuela's state-owned oil company is urging the Second Circuit not to find it liable for $150 million owed to engineering company Dresser-Rand under a defaulted bond, saying a lower court mistakenly refused to consider that U.S. sanctions make it impossible to repay the debt.

U.S. District Judge Louis L. Stanton had concluded in his decision last year that as guarantor of the bond in question, Petroléos de Venezuela SA subsidiary PDVSA Petróleo SA had waived all of its defenses in the litigation and was required to pay back the debt.

But when it came to the bond issuer,...

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