The US government will prevent PDVSA creditors from taking control of US refiner Citgo at least for the next three months as Venezuela’s interim administration is poised to miss a key bond payment this weekend, according to a Treasury Department license issued Thursday. The Guaido administration’s ad-hoc PDVSA board could have lost control of Citgo if it defaulted on the debt, which is backed by a 50.1% stake in the refiner. Treasury on Thursday banned any sale or transfer of Citgo shares in connection with the 2020 bonds without specific authorization from the Office of Foreign Asset Control until at least January 22. It encouraged PDVSA and bondholders to keep negotiating a plan to restructure or refinance the debt, saying OFAC would have a “favorable licensing policy toward such an agreement.” “Although limited in time, this shows that the Trump administration understands the importance of providing time […]