Reported 8 months ago
A group of Venezuela bondholders, including Greylock Capital Management, Grantham, Mayo, Van Otterloo & Co. LLC, Mangart Capital, T Rowe Price Associates Inc., and Fidelity Investments, have hired Orrick, Herrington & Sutcliffe LLP as their new legal adviser for negotiating a massive debt restructuring with the government. The Venezuela Creditor Committee holds over $10 billion in defaulted government and state oil company bonds. Upon defaulting in 2017, Venezuela presently owes around $154 billion, with more than $60 billion to bondholders. To facilitate talks, the committee plans to seek a permit from the US Treasury's Office of Foreign Assets Control, despite sanctions prohibiting negotiations with US-based investors. The move towards debt talks gained momentum after Venezuela engaged Rothschild & Co. to address its defaulted debt. Sovereign notes due in 2027 saw a price increase to around 18.5 cents on the dollar following these developments.
Source: YAHOO