Venezuela Creditors Tap New Legal Adviser for Debt Restructuring

A group of Venezuela bondholders hired Orrick, Herrington & Sutcliffe LLP as its new legal adviser as they gear up to eventually negotiate a massive debt restructuring with the government, Bloomberg News reported. The Venezuela Creditor Committee, which holds more than $10 billion of defaulted government and state oil company bonds, said in a statement it had retained the San Francisco-based firm. It previously worked with Cleary Gottlieb Steen & Hamilton LLP as its legal adviser.
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Financial Alliances Build as Citgo Share Auction Enters Last Mile

At least five groups of investors submitted binding bids this month in a U.S. court-ordered auction of shares in Citgo Petroleum's parent, and three have secured financing commitments for Venezuela's foreign crown jewel, Reuters reported. In the last mile of an unprecedented auction to pay up to $21.3 billion from past expropriations and debt defaults in Venezuela, a federal court officer supervising the auction is working to evaluate bids from big investors and creditors.
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Venezuela Creditors Seek JPMorgan Help for $7 Billion Citgo Bid

A group of Venezuela creditors is seeking funding from JPMorgan Chase & Co. in a $7 billion bid for the parent of Citgo Petroleum Corp., Bloomberg News reported. The group, which includes Canadian miner Gold Reserve Inc., are among a list of claimants that between them have more than $20 billion in judgments against Venezuela for arbitration awards, unpaid debts and defaulted bonds. A district judge in Delaware is leading a process to sell PDV Holding, which controls Venezuela’s most important foreign asset, refiner Citgo Petroleum Corp., in an auction to pay off creditors.
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