Venezuelan PDVSA sued for $118.4 million
The Venezuelan subsidiary was sued in a New York court by the company Red Tree Investments which demands the payment of $118.4 million dollars corresponding to various loans
The collaborations with Petróleos de Venezuela were granted by General Electric Capital between 2015 and 2016, although currently the demand comes from Red Tree Investments. According to judicial documents PDVSA published a note dated March 27th, 2015 in which it agreed to cancel GE Capital, the original balance of 256.6 million dollars.
However, on the same day the note was cancelled and replaced by two separate publications. The first one emphasized that Pdvsa will pay the original balance of $131.9 million to GE Capital. On the other hand, the second note pointed out that the amount of 124.7 million dollars will be paid to SACE SPA, an Italian export credit agency.
On January 25th of this year Red Tree adopted all GE Capital loans and the lawsuit was filed on February 15th claiming that only the payment of money is required, not the seizure of property or other intentions. The company claims that PDVSA issued promissory notes to GE Capital from 2015 to minimize its debts.
It should be noted that the Venezuelan oil company accumulates various accounts payable and also has pending commitments for expropriations that have had to be decided in arbitral tribunals.
L.Sáenz
Source: Banca&Negocios
