Venezuela’s state oil company has a hefty payment due Friday and the lack of any signs or comments about the funds being transferred has the market in a late stage of panic, Bloomberg News reported. PDVSA’s dollar bonds tumbled more than four cents with yields on notes due 2020 jumping more than 2 percentage points to 17.3 percent. The probability of PDVSA defaulting on its debt over the next year has jumped to 79 percent with the odds over the next five years at 99 percent, according to credit default swap trading. Venezuela is already two weeks late on coupons for a slew of other bonds.

The former chief executive officer of Venezuela’s state run-oil company said it will make debt payments this year and next, even as he acknowledged the crude producer is struggling with cash-flow and operational issues, Bloomberg News reported. The company has “all the resources to honor its liabilities,” Rafael Ramirez, who is now Venezuela’s ambassador to the United Nations, said in an interview in New York.

Brazilian phone carrier Oi SA faced two setbacks from the government on Monday in its efforts to pull off the country’s biggest-ever in-court debt restructuring, Reuters reported. Brazilian telecoms regulator Anatel rejected the company’s request to swap billions of reais in regulatory fines for new investments. Anatel said in a statement that the “unsatisfactory” progress of Oi’s reorganization, now in its 16th month, raised doubts about the company’s ability to honor investment commitments resulting from a fine-for-investment swap.

Ever since the price of oil collapsed in mid-2014, there’s been a broad consensus among the bond-market crowd that Venezuela was going to default. Not immediately, they said, but at some point down the road. Three years on, that time may have arrived, Bloomberg News reported. On Friday, the government-run oil giant PDVSA owes $985 million. Six days later, it’s on the hook for another $1.2 billion. Not only is that a daunting sum for a country whose foreign-currency reserves recently dipped below $10 billion for the first time in 15 years, but it figures to be a logistical nightmare too.

The judge overseeing phone carrier Oi SA’s bankruptcy case agreed on Friday to give creditors and the company more time to reconcile competing restructuring proposals, 16 months into Brazil’s largest in-court reorganization, Reuters reported. The judge, Fernando Viana, acted on a request filed on Thursday by several creditor groups including state-owned banks and bondholders, court documents showed. A creditors’ meeting to vote on a Oi restructuring plan had been scheduled for Monday, but Viana postponed it until Nov. 6.

The board of Brazilian telecoms regulator Anatel will meet on Monday morning to analyze a request by indebted carrier Oi SA to swap billions of reais in regulatory fines for new investments, a source with knowledge of the situation said Thursday. The board will decide on the fate of almost 5 billion reais ($1.58 billion) in fines the company has accumulated, said the source, who requested anonymity as the matter is private, Reuters reported.

Venezuelan bonds tumbled after the government claimed a surprise victory in regional elections and the opposition cried fraud. The perceived foul play increases the risk of further sanctions against the oil producer. The extra yield investors demand to hold Venezuelan debt over U.S. Treasuries widened 116 basis points to 32.32 percentage points, the highest in the world, Bloomberg News reported. A dollar bond issued by state-run oil company Petroleos de Venezuela SA that matures in two weeks fell 1.6 cent to 92.3 cents on the dollar.

China Development Bank plans to sign a document signaling support for the restructuring plan of debt-laden Brazilian phone carrier Oi SA, said two people close to the discussions. The bank may sign the agreement with Oi as soon as Tuesday, said the people, who asked not to be identified discussing private negotiations, Bloomberg News reported. The Chinese bank has been discussing in court how to restructure $1.2 billion in financing it provided to Oi just six months before the operator filed for the largest judicial recovery in Latin America’s history.

Russia and Venezuela may sign an agreement on restructuring Venezuelan debt by the end of the year if terms drafted by their finance ministries are approved, said Russian Finance Minister Anton Siluanov. “In general, we worked out with the finance ministry such conditions,” Siluanov told reporters in Washington, where he attended the International Monetary Fund fall meeting, Bloomberg News reported.

A group of bondholders that are Oi SA’s largest creditors demanded on Sunday that the company’s top executives meet them as soon as possible to renegotiate a debt plan, Reuters reported. In a letter viewed by Reuters that was addressed to top Oi executives and board members, Oi’s two biggest bondholder groups demanded the carrier’s executives meet in New York to “negotiate in good faith and on an expedited basis the terms of an acceptable plan(s) of reorganization.” The letter was sent by the main advisors of the International Bondholders Committee the Ad Hoc Group of Oi Bondholders.