Petroleos de Venezuela SA’s plan to make a $949 million bond
payment would mark a rare exception for Nicolas Maduro’s regime as it tries to
hold on to the crown jewel of its U.S. assets. Venezuela’s state-run oil
company is preparing to make the coupon and partial principal repayment that’s
due Oct. 29 on the 2020 notes, according to a person with direct knowledge of
the matter. The socialist state is behind on almost $7 billion in debt payments
owed to investors, but this bond is backed by a majority stake in Citgo Holding
Inc., meaning a non-payment would allow holders to lay claim to that asset. More…
Thursday, October 25, 2018
PDVSA Prepares to Make $949 Million Payment on Citgo-Backed Bond
Petroleos de Venezuela SA’s plan to make a $949 million bond
payment would mark a rare exception for Nicolas Maduro’s regime as it tries to
hold on to the crown jewel of its U.S. assets. Venezuela’s state-run oil
company is preparing to make the coupon and partial principal repayment that’s
due Oct. 29 on the 2020 notes, according to a person with direct knowledge of
the matter. The socialist state is behind on almost $7 billion in debt payments
owed to investors, but this bond is backed by a majority stake in Citgo Holding
Inc., meaning a non-payment would allow holders to lay claim to that asset. More…
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