Gramercy Says Venezuela Saga to Be Worse Than Argentina's
- Koenigsberger says debt restructuring may take three years
- ‘Let’s restructure really means let’s default,’ he says
Hans Humes Calls Venezuela 'Biggest Gray Rhino Out There'
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Of the many sovereign bonds restructurings Robert Koenigsberger has witnessed in his three decades in the business, none will come close to Venezuela, he says.
The 52-year-old distressed debt investor says that the Trump administration’s sanctions on President Nicolas Maduro and other Venezuelan officials will wreak incalculable havoc on any attempts at a negotiated solution. The resulting chaos is likely to be worse than what was seen during Argentina’s 15-year battle with holdout creditors led by billionaire Paul Singer -- considered one of the most complicated and painful restructurings seen in Latin America over the past two decades, according to Koenigsberger.