A U.S. judge on Friday ruled that Venezuelan state oil company Petroleos de Venezuela's [PDVSA.UL] 2020 bonds are 'valid and enforceable,' a court document showed, in a setback for opposition leader Juan Guaido.
The corporate logo of the state oil company PDVSA is seen at a gas station in Caracas, Venezuela, August 30, 2017. REUTERS/Andres Martinez Casares/Files
In a statement Friday afternoon, Guaido’s team said it would consider appealing the decision, calling the issuing of the bonds “absolutely fraudulent.” But the ruling does not pave the way for creditors to immediately seize shares in Citgo’s parent. The U.S. government has used its sanctions on Venezuela, aimed at ousting President Nicolas Maduro, to prevent bondholders from taking such action through at least January 2021.
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