Law360 (June 22, 2021, 7:13 PM EDT) — Venezuela’s state-owned oil company told the Second Circuit that holders of $1.9 billion in defaulted bonds do not have a legitimate claim over its asset Citgo Holding, because the underlying deal was an illegal “Maduro-orchestrated transaction” condemned by the U.S.-recognized opposition government.
According to an ad hoc board of Petróleos de Venezuela SA appointed by Interim President Juan Guaidó, the 2016 bond swap — in which the administration of Nicolás Maduro offered PDVSA’s “foreign crown jewel” Citgo as collateral — was never authorized by the National Assembly, as required under the Venezuelan Constitution.
PDVSA argued the transaction went against the orders…
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
- Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
- Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
- Create custom alerts for specific article and case topics and so much more!
TRY LAW360 FREE FOR SEVEN DAYS