Venezuela Opposition Hires Veteran Lawyer Buchheit to Help Restructure Debt

Venezuela’s opposition has hired veteran debt lawyer Lee Buchheit to help restructure the country’s more than $150 billion debt burden, suggesting it could take a tough approach to dealing with investors holding defaulted bonds, Reuters reported. Buchheit, a former Cleary Gottlieb attorney who has represented several governments in debt talks with bond investors, published an academic article last year suggesting ways for a future Venezuela government to minimize debt repayments. The move comes nearly four months into a power struggle between President Nicolas Maduro and Juan Guaido, the head of the opposition-controlled National Assembly who in January invoked the country’s constitution to assume an interim presidency, arguing Maduro’s 2018 re-election was illegitimate. Read more