United States issues license for Venezuelan debt restructuring
According to General License No. 58, the Office of Foreign Assets Control (OFAC) authorized legal and financial advisory services on Tuesday, May 5, to prepare for a potential restructuring of Venezuela's sovereign debt and that of the state-owned oil company PDVSA
The Office of Foreign Assets Control (OFAC) issued License No. 58 on Tuesday, May 5, authorizing “all transactions… necessary for the provision of legal, financial, and consulting services… in connection with potential debt restructuring processes,” which includes the state-owned oil company PDVSA.
There are also clearly stated restrictions in the license, as it does not currently authorize formal processes of “restructuring, renegotiation, transfer, or direct agreements with creditors.”
This makes it clear that this is a first step toward restructuring Venezuela’s debt.
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M.Pino
Source: elnacional
(Reference image source: Jakub Żerdzicki on Unsplash)
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