June 10, 2020
Venezuela's U.S. ambassador is urging a New York federal court not to allow the holders of some $1.68 billion in bonds issued by its state-owned oil company to foreclose on a majority share in Citgo, saying President Nicolás Maduro violated Venezuelan law when he put up the U.S.-based oil giant as collateral.
November 18, 2019
Venezuela's state-owned oil company has reached an agreement to take off the table for bondholders Citgo shares that back $1.68 billion worth of government bonds due to mature next year, under a forbearance agreement that extends until the litigation ends.
November 08, 2019
Litigation filed by Venezuela's state-owned oil company to invalidate $1.68 billion worth of government bonds due to mature next year is "highly unlikely" to succeed, because payments were made on the bonds as recently as April, the trustee and collateral agent have told a New York federal court.
November 04, 2019
A group of Venezuela's creditors on Monday decried litigation seeking to invalidate Venezuelan government bonds due to mature next year after the crisis-stricken nation's state oil company missed a critical $913 million payment, telling a New York federal court the suit "stand[s] in stark contrast" to its promise to refinance the debt.