News

PDVSA defeats bulk of billion-dollar Conoco arbitration claim

PDVSA defeats bulk of billion-dollar Conoco arbitration claim

07 August 2019

Venezuela’s state-owned oil group PDVSA has defeated a US$1.5 billion International Chamber of Commerce (ICC) claim brought by US energy company ConocoPhillips over the expropriation of an offshore oil project – just months after an International Centre for Settlement of Investment Disputes (ICSID) tribunal ordered the state to pay a record award for seizing that and other assets.

US-Venezuela flight ban has far reaching consequences

US-Venezuela flight ban has far reaching consequences

05 August 2019

Carriers and agents that help customers purchase indirect flights between the US and Venezuela may fall afoul of a tough US order than bans flights between the two countries, warns Anita Mosner, a partner at Holland & Knight LLP’s Washington, DC office.

Venezuelan companies fear foreign asset grab post Maduro

Venezuelan companies fear foreign asset grab post Maduro

02 August 2019

In a wide ranging discussion at the Latin Lawyer - GRR Live 4th Annual Restructuring summit in New York, speakers discussed Venezuela's post Maduro future, the country's conflicting restructuring plans and its soverign debt. Venezuelan companies that were worth US$1 billion 20 years ago can now be bought for US$55 million, according to GCG Advisors managing partner Jose Gonzales. “If you want to take the risk, there should be plenty of opportunity.”

PDVSA loses appeal over seizure of US refinery assets

31 July 2019

A US appeals court in Pennsylvania has ruled that Canadian mining company Crystallex can seize shares in a US refinery business owned by Venezuela’s national oil and gas company PDVSA to satisfy a US$1.2 billion International Centre for Settlement of Investment Disputes award.

Bondholders respond to Venezuelan opposition debt plan

16 July 2019

Holders of Venezuelan sovereign bonds have responded to the Guaidó opposition’s guidelines for a US$150 billion debt restructuring, warning that a workout must be fair and transparent to creditors.

Venezuela's diverse debt pile will complicate restructuring, says debt guru

Venezuela's diverse debt pile will complicate restructuring, says debt guru

15 July 2019

The “astonishing” diversity of Venezuela’s US$150 billion debt pile means its potential sovereign debt workout will be unlike any seen before, the opposition government’s adviser Lee Buchheit has said, as he raised scepticism about state oil company PDVSA entering Chapter 15 bankruptcy in the US.

Leĝa and Antequera ally to break Venezuelan trademark deadlock

Leĝa and Antequera ally to break Venezuelan trademark deadlock

15 July 2019

Full-service firm Leĝa and IP boutique Estudio Antequera Parilli & Rodríguez have allied in a bid to push through hundreds of pending trademark and patent cases in Venezuela.

Lawyers welcome Venezuelan opposition’s early debt restructuring plans

Lawyers welcome Venezuelan opposition’s early debt restructuring plans

10 July 2019

Lawyers have welcomed a policy paper issued by the restructuring team for Venezuela’s opposition, which suggests treating diverse creditors equally to prevent Argentina-style holdout disputes.

Shipbuilder fails to enforce arbitration award against Venezuela

21 June 2019

A US court has refused to enforce a US shipbuilder’s US$129 million award against Venezuela’s ministry of defence in a 17-year dispute over a contract to upgrade two missile-armed navy frigates.

D’Empaire makes rare lateral hire in Venezuela

D’Empaire makes rare lateral hire in Venezuela

06 June 2019

D’Empaire in Venezuela has strengthened its finance and corporate practices with a lateral hire.