Bondholders close in on Citgo
Venezuela misses crucial bond payment as danger of losing control of the US refiner looms
The potential threat to Venezuela losing its most prized foreign asset, US-based refiner Citgo, has intensified following the default from the opposition-controlled National Assembly (NA) on a bond due to expire in 2020. However, the US courts have stalled any immediate threat to creditors seizing stakes in the firm. Venezuelan authorities had been meeting obligations on the state-owned oil company Pdvsa’s 2020 bond—the last still receiving repayments and backed by an indemnity stake in the refiner Citgo. In April, the NA delivered the smaller sum of $70mn. But now the opposition has failed to meet a 28 October deadline for $913mn, raising concerns that bond holders may aggressively pursue s
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