Venezuela Said to Discuss Swapping Dominican Oil Debt for Cash
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Venezuela’s state oil company is discussing a deal to bring in $1.7 billion of cash in exchange for the cancellation of about $4 billion of debt owed by the Dominican Republic, a person familiar with the matter said.
Under the proposal, the Dominican Republic would issue bonds to raise money for the debt it owes to Petroleos de Venezuela SA for oil purchases over the past decade, according to the person, who asked not to be identified because the matter isn’t public. The transactions would be handled by Goldman Sachs Group Inc., which is acting on behalf of the Dominican Republic, the person said.