Advisers to Venezuela debt holders push local law solution

摘要

Advisers to a Venezuela creditor group are proposing the creation of a local law to facilitate debt talks with oil firm PDVSA, rejecting the idea that the US government should prohibit the seizure of the country's assets once a restructuring starts. That is the argument set forth in a paper released on Thursday by Richard Cooper of law firm Cleary Gottlieb Steen & Hamilton and Mark Walker of Guggenheim Securities. Their opinions are important as both firms are advising one of the major creditor groups preparing for an eventual restructuring with Venezuela, which is late on about US$9.4bn of bond payments.