Venezuela Creditors Back Legal Extension for Defaulted Bonds
- Opposition approved pushing statute of limitations on bonds
- Decision will help avoid needless litigation, creditors say
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A group of creditors holding more than $11 billion of Venezuela’s defaulted bonds said they support an offer by the opposition to push back the legal deadline to sue for payment over the debt.
The Venezuela Creditors Committee said the so-called tolling agreement announced last week will help to avoid legal action and move toward the “ultimate goal” of an orderly debt restructuring, according to a statement released Thursday. Avoiding litigation, they said, is in the best interest of bondholders as well as Venezuelans.