Law360 (July 7, 2020, 8:49 PM EDT) — Venezuela’s state-owned oil company is arguing that the holders of some $1.68 billion in Venezuelan bonds should have known that their validity could be challenged by a successor government, even as the bondholders contend that adopting such a view would “upend” the international sovereign debt market.
Petróleos de Venezuela SA, or PDVSA, told a New York federal court deciding whether to enforce the bonds on Monday that at the time they were issued by the administration of President Nicolás Maduro in 2016, Venezuela’s National Assembly had publicly denounced the transaction for putting up shares in Citgo — the “foreign crown jewel”…
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