Venezuela's opposition-controlled National Assembly on Wednesday took a key...
CARACAS - Venezuela’s opposition-controlled National Assembly on Wednesday took a key step toward authorizing a $71 million interest payment on state-owned oil company PDVSA’s 2020 bond, which is backed by shares in its crown jewel asset, U.S. refiner Citgo.
Failure to make the payment could pave the way for creditors to attempt to seize up to half of Citgo’s shares as compensation. The National Assembly, led by Guaido and recognized by the United States as Venezuela’s legitimate democratic body, authorized a parallel ad-hoc PDVSA board to negotiate the company’s debt earlier this month. It was unclear what funds the board planned to use to make payments.
“We want to preserve the asset,” Mejia told reporters, referring to Citgo. “Maduro should not be making these payments. He does not have legitimacy.”
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