Venezuela's National Assembly, led by opposition leader Juan Guaido, on Tue...
CARACAS - Venezuela’s National Assembly, led by opposition leader Juan Guaido, on Tuesday authorized an interest payment on an overdue bond, in an apparent bid to keep the country’s crown jewel overseas asset out of creditor hands.
The $71 million interest payment will be paid on state oil company PDVSA’s 2020 bond, which is backed by shares in its subsidiary, U.S. refiner Citgo Petroleum. Failure to make the payment could prompt creditors to attempt to seize up to half of the shares in Citgo. But the latest interest payment, due on April 27, remains outstanding. PDVSA has a 30-day grace period in which to make the payment before creditors can attempt to seize the shares.
Allies of Guaido, who in January invoked the country’s constitution to assume an interim presidency, arguing Maduro’s 2018 re-election was illegitimate, have said they would seek an authorization from the U.S. Treasury Department to make the payment.
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