Creditors’ Options In Venezuela’s Disorderly Default
By Javier Rubinstein, Lauren Friedman and Joseph SandersonNovember 20, 2017, 5:08 PM EST
Law360, New York (November 20, 2017, 5:08 PM EST) -- After months on the precipice of default Venezuela’s President Nicolás Maduro has acknowledged that Venezuela and its state-owned oil company Petróleos de Venezuela SA are unable to pay their debts. With a series of missed coupon payments and the 30-day grace period expired, all three major ratings agencies now rate Venezuela and PDVSA as in default or selective default.
In some instances a government in default may simply engage creditors to seek an agreed restructuring of the debt. Thus far the first meeting in Caracas between...