PDVSA Seeks to Buy Time for Oil Rally With $7 Billion Debt Swap

  • Company wants to exchange bonds due in 2016, 2017 for new debt
  • PDVSA needs half of private bondholders to swap, Nomura says

Venezuela’s state-owned oil company has been on default watch for two years. Now it hopes it can buy itself, and the country, more time with a $7 billion debt swap.

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