Venezuela Sued Over Unpaid Bonds - Articles

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Posted by: Chelsea Bennett on Dec 19, 2018

Florida-based firm Casa Express Corp. filed suit in New York federal court yesterday against Venezuela for unpaid debt, Reuters reports. The firm via a trust of the same name represents bondholders who are demanding payment on over $34 million of unpaid principal and interest. This may be the first legal action taken by creditors since the nation defaulted on its debt. The article notes that "the government of President Nicolas Maduro stopped making payments on nearly all bonds issued by Venezuela and state oil company PDVSA this year and has accumulated some $8 billion in pending interest and principal." Last month, a group of creditors demanded payment on a $1.5 billion defaulted bond, but no claims have been taken to court.