Venezuela Power Vacuum in US Raises Questions for Creditors
- Guaido ousting left country without recognized president in US
- Investors willing to discuss a debt tolling deal, lawyer says
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A power vacuum in Venezuela’s leadership in the US has left bond holders with no one to negotiate the country’s $60 billion pile of defaulted debt, according to a lawyer who advises the largest group of creditors.
Investors that own government and state oil company bonds are open to negotiating a so-called tolling agreement on the bonds. That would effectively extend an approaching statute of limitations and give the parties time to work on a restructuring, said Richard Cooper, an attorney at Cleary Gottlieb Steen & Hamilton LLP.