Venezuela’s PDVSA says making bond payments, urges trust

25 Nov 2017   Venezuela

Venezuelan state oil company PDVSA said on Friday it was making last-minute payments on two bonds close to default, including one backed by shares in U.S.-based refiner Citgo, and called for “trust” as it seeks to maintain debt service amid a deepening economic crisis. Failure to complete payment on PDVSA’s 2020 bond by Monday could allow bondholders to begin the process of seeking shares in Citgo – a PDVSA subsidiary that generates hard currency for the cash-strapped country. But that appears unlikely in the short-term because investors have broadly been tolerant of payment delays and even some default announcements as Venezuela insists it will continue servicing the hugely profitable bonds. “PDVSA calls on bondholders and investors to trust the logistical, productive and financial […]

Comments are closed.