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Crystallex's Implications For Holders Of Venezuelan Debt

Law360, New York (January 9, 2018, 1:12 PM EST) -- On Jan. 3, 2018, the U.S. Court of Appeals for the Third Circuit dealt a significant blow to Crystallex International Corp.’s long-running effort to recover its $1.2 billion arbitral award and judgment against the Republic of Venezuela for appropriating Crystallex’s rights to the Las Cristinas gold mine. In a 2-1 decision, the Third Circuit — reversing a decision of the Delaware district court that allowed Crystallex to allege a Delaware fraudulent transfer claim against a Delaware corporation wholly owned by the Venezuelan state-owned oil company Petróleos...
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