NY Judge Says $1.68B In Venezuelan Bonds Is Enforceable

Law360 (October 16, 2020, 9:39 PM EDT) -- Venezuela's state-owned oil company must pay what it owes under $1.68 billion in defaulted bonds, even though the country's National Assembly has concluded they were illegally issued by the administration of President Nicolás Maduro, a New York judge concluded on Friday.

U.S. District Judge Katherine Polk Failla found that Petróleos de Venezuela SA cannot escape its obligations to pay back the bonds, pointing to the U.S.'s "substantial interests" in stabilizing financial markets, protecting the creditors' expectations, and maintaining New York's status as a preeminent global commercial center.

At issue in the litigation is a 50.1% stake in Citgo Holding Inc., the...

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