US Authorizes Venezuela to Hire Advisers for Debt Talks
20 Articles
20 Articles
The United States Office of Foreign Assets Control (OFAC) has reported the granting of a license that will allow some legal entities to advise the Venezuelan government and the state company Petróleos de Venezuela (PDVSA) on a possible restructuring of their debt.
OFAC Authorizes Debt Restructuring Prep, But Keeps Venezuelan Assets Frozen
The US Treasury Department’s Office of Foreign Assets Control (OFAC) has issued a general license that removes obstacles preventing the Venezuelan government and Petróleos de Venezuela, S.A. (PDVSA) from contracting legal and financial advisory services for the restructuring of Venezuela’s sovereign debt. This measure marks a significant technical step toward future negotiations on the country’s multimillion-dollar external debt. Until now, US s…
US Authorizes Venezuela to Hire Advisers for Debt Talks
The US government authorized Venezuela to hire advisers for potential debt talks, a key step in the long-awaited path to restructure the country’s $60-billion pile of defaulted bonds. The notes soared after the announcement.
The U.S. Treasury Department, through the Office of Foreign Assets Control (Ofac), published on Tuesday General License No. 58, which authorizes the provision of legal, financial and consultancy services to the Government of Venezuela (including Pdvsa) to prepare for a possible restructuring of its debt. GL 58 allows U.S. and international firms (lawyers, investment banks, consultants) to offer services related to the evaluation of Venezuela's c…
A general license allows companies to offer services despite the US sanctions, which remain in effect.
WASHINGTON.— The U.S. advanced in the easing of sanctions on Venezuela by authorizing legal and financial advisory services for the government and state oil company PDVSA, in a movement that aims to prepare the ground for a future debt restructuring, although without enabling its execution. The measure was implemented through a new license from the Office of Foreign Assets Control (OFAC), which allows international firms to analyze, design and s…
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