PDVSA Unit Says Bondholders Must Wait To Collect $1.9B

Law360 (December 14, 2020, 6:37 PM EST) -- Venezuela's state-owned oil company urged a New York federal court to stay an effort by bondholders to sell off its controlling share of a U.S.-based fuel company while the company appeals a ruling that mandated it pay back more than $1 billion in defaulted bonds plus interest.

A Delaware unit of Petróleos de Venezuela SA, otherwise known as PDV Holding Inc., on Friday asked the court for a partial stay of its order earlier this month, which mandated that it pay back $1.68 billion in defaulted bonds plus interest, totaling $1.924 billion. The ruling also required the sell-off of PDVH's 50.1% stake in...

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