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Venezuela bondholders inch toward showdown

Friday, April 7, 2017

Venezuela's Mining Co. Pushes Court To Flatten Iron Award

Venezuela's state-owned mining company asked a Florida federal court Wednesday to vacate an arbitral award requiring it to post nearly $63 million in security while its dispute over iron ore contracts with a British Virgin Islands company rolls on.CVG Ferrominera Orinoco CA, or FMO, told the court that the arbitral tribunal improperly issued the Jan. 5 partial final award on security favoring Commodities & Minerals Enterprise Ltd. before it considered FMO's arguments that the underlying arbitration agreement was invalid because the Venezuelan government had never.. More…

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