Partners give PdV breathing space

摘要

Venezuelan state-owned oil company PdV has again extended a deadline for its bond swap offer, after failing to secure adequate participation. But Russian and Spanish partners are lending PdV urgent funds for upstream investment. The company has extended a revised 12 October deadline to 17 October for two maturing 2017 bonds that it hopes to exchange for a new 2020 bond. Bondholders are reluctant to participate in the voluntary swap because they lack confidence in the structure of the transaction, and PdV’s future ability to meet its financial obligations. But Russian state-controlled Rosneft and Spain’s Repsol have agreed to provide the cash-strapped firm with much-needed funds to develop critical upstream projects.