PDVSA [PDVSA.UL] on Wednesday night moved
the date for both the early deadline and the expiration to Oct. 17, from Oct.
12 and Oct. 14, respectively.The company did not mention participation, unlike
in the previous extension when it said considerably fewer than half of outstanding
bonds had been tendered. The swap requires more than 50 percent participation
to go through. "It's illogical that PDVSA extends again the deadline
without improving the terms and will eventually have to make a decision to go
ahead with less than 50 percent participation or suspend the transaction,"
said Siobhan Morden with Nomura Securities International. More…
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