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New Venezuela Creditor Group Emerges to Tackle Defaulted Debt

  • Three hedge funds own more than 15% of Venezuela’s 2034 bonds
  • Group hires law firm to explore ‘enforcement actions’
President Nicolas Maduro Attends The Reopening Of The Luxury Humboldt Hotel
Photographer: Carlos Becerra/Bloomberg

Three hedge funds that own defaulted Venezuelan bonds hired a Washington law firm to explore legal options for repayment.

The group owns more than 15 percent of the $1.5 billion outstanding of Venezuela’s 2034 bonds, according to Mark Stancil, the attorney at Robbins, Russell, Englert, Orseck, Untereiner & Sauber LLP who’s representing the investors. Stancil declined to name the companies. He helped represent hedge funds Aurelius Capital Management and Davidson Kempner Capital Management in their lawsuit against Argentina.