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Petroleos De Venezuela S.A. et al v. MUFG Union Bank, N.A. et al

  1. July 23, 2020

    Judge Won't Nix Venezuelan Ambassador's Args In Bond Case

    A New York judge won't disregard a letter from Venezuela's U.S. ambassador arguing that some $1.68 billion in bonds issued by the country's state-owned oil company violate Venezuelan law, saying it could be useful as she considers whether to allow the bondholders to seize shares in Citgo's parent company.

  2. July 15, 2020

    US Extends Protections On Citgo In Venezuelan Bond Case

    The Trump administration on Wednesday extended protections barring the holders of Venezuelan bonds from executing on Citgo, the "foreign crown jewel" of Venezuela's oil industry, which was pledged as collateral to the bondholders by Venezuelan President Nicolás Maduro in an allegedly illegal 2016 deal.

  3. July 07, 2020

    Venezuela Says Holders Of $1.68B Oil Co. Bonds Knew Risks

    Venezuela's state-owned oil company is arguing that the holders of some $1.68 billion in Venezuelan bonds should have known that their validity could be challenged by a successor government, even as the bondholders contend that adopting such a view would "upend" the international sovereign debt market.

  4. June 29, 2020

    Bondholders Say Venezuela Defense In $1.68B Case Falls Flat

    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.

  5. June 25, 2020

    Court Seeks US Input On Venezuela's $1.68B Oil Bonds

    A New York judge is asking the Trump administration whether she should defer to Venezuela's denunciation of some $1.68 billion in bonds issued by its state-owned oil company after Venezuelan President Nicolás Maduro allegedly broke the country's laws when he put up Citgo as collateral.

  6. June 10, 2020

    Venezuelan Ambassador Says 2020 Bonds Are Invalid

    Venezuela's U.S. ambassador is urging a New York federal court not to allow the holders of some $1.68 billion in bonds issued by its state-owned oil company to foreclose on a majority share in Citgo, saying President Nicolás Maduro violated Venezuelan law when he put up the U.S.-based oil giant as collateral.

  7. November 18, 2019

    Venezuela Oil Co., Trustee Reach Deal On $1.68B Bonds

    Venezuela's state-owned oil company has reached an agreement to take off the table for bondholders Citgo shares that back $1.68 billion worth of government bonds due to mature next year, under a forbearance agreement that extends until the litigation ends.

  8. November 08, 2019

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

    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.

  9. November 04, 2019

    Creditors Denounce Bid To Nix Venezuela Oil Co. Bonds

    A group of Venezuela's creditors on Monday decried litigation seeking to invalidate Venezuelan government bonds due to mature next year after the crisis-stricken nation's state oil company missed a critical $913 million payment, telling a New York federal court the suit "stand[s] in stark contrast" to its promise to refinance the debt.