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Venezuela bondholders inch toward showdown

Wednesday, March 22, 2017

Venezuela’s troubles put U.S. heating oil charity in limbo

Amid continuing economic turmoil, Venezuela skipped heating oil contributions to a Massachusetts-based nonprofit for a second consecutive winter, signaling that the popular program that began with fanfare after Hurricane Katrina may be kaput. The decision by Venezuela's Citgo Petroleum Corp. to bow out of the program founded by Joseph P. Kennedy II, which has helped hundreds of thousands of U.S. residents, coincides with plummeting oil prices and corresponding economic problems in oil-rich Venezuela. Hopes of a late contribution to the "Joe-4-Oil" program to help the poor heat their homes faded with spring's arrival this week, Kennedy said. More…

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