Venezuela Opposition Poised to Extend Legal Deadline on Defaulted Bonds Venezuela government defaulted on $60 billion of bonds in 2017 Opposition’s offer would need to be endorsed by the US By Nicolle Yapur and Andreina Itriago Acosta 7. August 2023 at 16

 Venezuela Opposition Poised to Extend Legal Deadline on Defaulted Bonds Venezuela government defaulted on $60 billion of bonds in 2017 Opposition’s offer would need to be endorsed by the US By Nicolle Yapur and Andreina Itriago Acosta 7. August 2023 at 16:19 MESZ Listen 2:10 Venezuela’s opposition is finalizing an agreement with international creditors to extend a legal deadline on $60 billion of defaulted bonds, according to people with knowledge of the plan. The agreement being drafted by the opposition-led National Assembly — which is recognized in the US as the country’s legal representative — would suspend an upcoming statute of limitations on the debt. The offer could be approved by the National Assembly to present to bondholders as soon as this week, according to two of the people. It would be valid until the end of 2028, another person said. The US would need to endorse the agreement for it to take effect. Negotiations are still ongoing, so the terms could still change. Without such a deal, bondholders have said they will sue in US courts to protect their rights to payment, potentially burying the country in legal action that would complicate any eventual restructuring process. The bonds have accrued roughly $30 billion of interest since Venezuela began defaulting in 2017