Maduro’s doubles on gambit with holders of Venezuela and PDVSA bonds.
On March 30, President Nicolas Maduro made another attempt to stop bondholders from initiating a bout of lawsuits by offering extension of the statute of limitation (known as tolling agreement) for five years or until the US government lifts economic sanctions that prevent a debt restructuring, giving the government and creditors more time to work on a potential restructuring. This tolling agreement follows the one offered in 2021, which, however, did not receive a required 75% support from the bondholders. Bondholders now have to decide whether to accept Maduro’s offer or to file suit to protect their claims.
Venezuela
Maduro’s doubles on gambit with holders of Venezuela and PDVSA bonds. On March 30, President Nicolas Maduro made another attempt to stop bondholders from initiating a bout of lawsuits by offering extension of the statute of limitation (known as tolling agreement) for five years or until the US government lifts economic sanctions that prevent a debt restructuring, giving the government and creditors more time to work on a potential restructuring. This tolling agreement follows the one offered in 2021, which, however, did not receive a required 75% support from the bondholders. Bondholders now have to decide whether to accept Maduro’s offer or to file suit to protect their claims.
Delaware court ruled against Venezuela’s motion to disqualify Special Master. on March 30 U.S. Circuit Judge L. Stark rejected a motion by lawyers representing Venezuela to disqualify the Special Master (the person appointed to manage the potential auction of PDV Holding) from the Crystallex v. Venezuela Lawsuit during an oral hearing. According to Venezuela's representatives, Stark found no proof that the special master orchestrates a high-profile auction for control of Citgo to persuade Washington to alter its sanctions against that country. The Special Master remains in the Citgo auction as a result.
Colombian government convenes an international conference to promote dialogue between Venezuelan sectors. The Colombian government said in a statement that it will host an international conference in Bogotá to encourage communication between representatives of civil society, the opposition, and the Venezuelan administration. In the meeting, which will be scheduled after April 10th, Colombian President Gustavo Petro will reportedly seek direct communication with the Venezuelan opposition. The initiative follows stalled Norway-mediated negotiation between the Venezuelan government and the Unitary Platform (PU), which failed to utilize the USD 3bn UN administered fund to address Venezuela's humanitarian crisis.
Colombian energy firm halts project to import Venezuelan gas following corruption probe. After the Venezuelan Attorney General Tarek William Saab charged a shareholder of Prodata Energy with corruption, the Colombian company Integral Energy Plus SA. S, a partner of the Venezuelan private company Prodata Energy—the company the Venezuelan government chose to sell PDVSA's gas to avoid US sanctions—decided not to proceed with the project to import Venezuelan gas into Colombia.
Hardliners in PDVSA and the ruling party hamper project to export gas to Trinidad and Tobago. According to the news source Petrogua, hardliners in the United Socialist Party of Venezuela (PSUV) and the Venezuelan state oil company PDVSA are impeding natural gas exports and insisting that the internal market must be protected first, which has put a stop to negotiations to finalise the sale of natural gas between Venezuela and Trinidad & Tobago.
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