Venezuela Bondholders Face Day of Reckoning
- Skepticism abounds about whether PDVSA will deliver cash
- State-owned oil giant owes $842 million in principal Friday
How Venezuela Has Managed to Avoid Sinking Into Default
This article is for subscribers only.
It’s a make-or-break day for holders of Venezuelan debt.
State-owned oil company Petroleos de Venezuela SA has $842 million in principal due Friday, and skepticism abounds that it’ll be paid on time. The company and the government are already late on more than $500 million of interest they owed investors this month. But unlike those payments, this one comes with no grace period. One day late, and bondholders can cry default.