A vital debt swap to prevent a potential
default by Venezuela’s state oil group is floundering as bankers struggle to
find investors willing to participate in the transaction.Bonds issued by
Petróleos de Venezuela (PDVSA) slid after the oil company extended a deadline
for creditors to agree to a debt swap, a lifeline the group desperately needs
as it faces multibillion-dollar payments over the coming year. The proposal,
which would swap $5.3bn of bonds maturing in April and November 2017 for new
obligations due in 2020, has been dogged by the dilemma facing investors and
complicated by a lawsuit from US oil group ConocoPhillips on Friday that
alleged fraud. More… 
Tuesday, October 11, 2016
Venezuela’s state-owned oil group debt swap flounders
A vital debt swap to prevent a potential
default by Venezuela’s state oil group is floundering as bankers struggle to
find investors willing to participate in the transaction.Bonds issued by
Petróleos de Venezuela (PDVSA) slid after the oil company extended a deadline
for creditors to agree to a debt swap, a lifeline the group desperately needs
as it faces multibillion-dollar payments over the coming year. The proposal,
which would swap $5.3bn of bonds maturing in April and November 2017 for new
obligations due in 2020, has been dogged by the dilemma facing investors and
complicated by a lawsuit from US oil group ConocoPhillips on Friday that
alleged fraud. More… 
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