Venezuela Oil Co., Bondholder Face Off Over US Sanctions

Law360 (March 31, 2021, 9:05 PM EDT) -- Venezuela's state-owned oil company is urging a New York court to find it was unable to repay $150 million owed to Dresser-Rand under a defaulted bond in an upcoming trial due to U.S. sanctions, while the engineering company accused the oil company of ignoring several viable payment alternatives.

As the parties gear up for a bench trial expected to be held on this issue later this year, Petróleos de Venezuela SA urged the court in a pretrial brief Monday to conclude that U.S. sanctions placed on Venezuela in August 2017 made it impossible for it to make payments to Dresser-Rand. PDVSA...

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