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<blockquote data-quote="The Patriarchy" data-source="post: 61531" data-attributes="member: 162">
<ul>
<li data-xf-list-type="ul">Defaulted bonds and commercial debt: Venezuela and its state oil company PDVSA defaulted on international bonds in 2017, with about [imath]60 billion in outstanding defaulted bonds (plus accrued interest). A substantial portion of these bonds is held by U.S.-based investors, funds, and distressed-debt specialists. Total external debt, including bonds, bilateral loans, and other obligations, is estimated at[/imath]150–170 billion.</li>
<li data-xf-list-type="ul">Arbitration awards and expropriation claims: U.S. companies (e.g., ConocoPhillips, Crystallex, and others) have won multi-billion-dollar international arbitration awards against Venezuela for nationalized/expropriated assets. These claims, upheld in U.S. courts, total tens of billions and are enforceable against Venezuelan assets in the U.S., such as shares in Citgo (PDVSA&#039;s U.S.-based refining subsidiary). Creditors have registered around $19–30 billion in claims related to Citgo alone, far exceeding its value.</li>
<li data-xf-list-type="ul">Citgo-related debt: A specific PDVSA bond (the 2020 8.5% bond) was collateralized by a 50.1% stake in Citgo, which went into default and has become a focal point for creditor recovery efforts in U.S. courts.</li>
</ul></blockquote>

[QUOTE="The Patriarchy, post: 61531, member: 162"] [LIST] [*][B]Defaulted bonds and commercial debt[/B]: Venezuela and its state oil company PDVSA defaulted on international bonds in 2017, with about [imath]60 billion in outstanding defaulted bonds (plus accrued interest). A substantial portion of these bonds is held by U.S.-based investors, funds, and distressed-debt specialists. Total external debt, including bonds, bilateral loans, and other obligations, is estimated at[/imath]150–170 billion. [*][B]Arbitration awards and expropriation claims[/B]: U.S. companies (e.g., ConocoPhillips, Crystallex, and others) have won multi-billion-dollar international arbitration awards against Venezuela for nationalized/expropriated assets. These claims, upheld in U.S. courts, total tens of billions and are enforceable against Venezuelan assets in the U.S., such as shares in Citgo (PDVSA's U.S.-based refining subsidiary). Creditors have registered around $19–30 billion in claims related to Citgo alone, far exceeding its value. [*][B]Citgo-related debt[/B]: A specific PDVSA bond (the 2020 8.5% bond) was collateralized by a 50.1% stake in Citgo, which went into default and has become a focal point for creditor recovery efforts in U.S. courts. [/LIST] [/QUOTE]

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