Bondholders looking for compensation if
Venezuela defaults know that one big pot of money remains: the assets of
state-owned oil refiner Citgo Holdings Inc. But there is a problem. Dozens of
companies are lining up with claims on those same funds. Venezuela last year
pledged all of Citgo's equity as collateral to bondholders and to state-owned
Russian oil producer Rosneft in debt deals. In addition, at least 43 companies
-- including ConocoPhillips Co. and Canadian mining firm Crystallex
International Corp. -- are pursuing legal claims against the government,
according to World Bank's International Center for Settlement of Investment
Disputes. These companies say they were stiffed when Venezuela's government
expropriated their assets there. More… 
Monday, May 15, 2017
Battle Heats Up for Control of Refiner Citgo as Venezuela's Default Risk Rises
Bondholders looking for compensation if
Venezuela defaults know that one big pot of money remains: the assets of
state-owned oil refiner Citgo Holdings Inc. But there is a problem. Dozens of
companies are lining up with claims on those same funds. Venezuela last year
pledged all of Citgo's equity as collateral to bondholders and to state-owned
Russian oil producer Rosneft in debt deals. In addition, at least 43 companies
-- including ConocoPhillips Co. and Canadian mining firm Crystallex
International Corp. -- are pursuing legal claims against the government,
according to World Bank's International Center for Settlement of Investment
Disputes. These companies say they were stiffed when Venezuela's government
expropriated their assets there. More… 
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