Legal: Court grants delay in suit against CITGO parent

摘要

A federal appeals court has granted a 120-day delay in aU.S. financial firm’s efforts to collect on $182 million inloans to Venezuela’s national oil company, granting thecompany breathing room amid the ongoing political turmoilin that country.The stay in the proceedings had been requested byPetróleos de Venezuela, S.A. (PDVSA), which contendsit needs the delay while the political situation betweenPresident Nicolas Maduro and opposition leader JuanGuaido plays out.The case is being closely watched since PDVSA is theparent company of CITGO. Several other defendants withclaims against the country are suing in U.S. courts to forcethe sale of CITGO assets here to pay off those judgments.The United States recognizes Guaido as the country’slegitimate ruler and has supported his efforts to oustMaduro following a disputed election. But Guaido’s effortshave yet to be successful. In its papers, PDVSA argued that“the Maduro government has prevented the incomingGuaido government from accessing the information andgovernment administrative functions” it needs to defend thecompany in the case.