Venezuela's opposition-led National Assembly has approved a proposal to extend the validity of defaulted bonds issued by the government and state firm PDVSA until 2028. This move aims to open the door for debt repayment negotiations and reduce the risks of legal actions in U.S. courts.
The proposal opens the door to negotiations for debt repayment and restructuring, reducing the risks of additional legal actions in U.S. courts, where creditors have flocked to enforce awards related to expropriation cases and defaulted payments by Venezuela.
The decision's main goal is to achieve an "organized financial restructuring" of Venezuela's about $60 billion in external debt, so it encourages bondholders to avoid legal action during any debt restructuring talks. Venezuela has two congresses, but only the one controlled by the opposition is recognized abroad and has received U.S. authority to negotiate any external debt payments. Following U.S. oil sanctions on the South American country in 2019, the opposition-led National Assembly has appointed commissions and boards to oversee Venezuela's foreign assets.
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