Gramercy Says Venezuela Saga to Be Worse Than Argentina's

Of the many sovereign bonds restructurings Robert Koenigsberger has witnessed in his three decades in the business, none will come close to Venezuela, he says. The 52-year-old distressed debt investor says that the Trump administration’s sanctions on President Nicolas Maduro and other Venezuelan officials will wreak incalculable havoc on any attempts at a negotiated solution. The resulting chaos is likely to be worse than what was seen during Argentina’s 15-year battle with holdout creditors led by billionaire Paul Singer -- considered one of the most complicated and painful restructurings seen in Latin America over the past two decades, according to Koenigsberger. More…