Exclusive: Venezuela creditors demand payment on defaulted $1.5 billion bond - lawyer [Reuters]
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Source: Reuters
Exclusive: Venezuela creditors demand payment on defaulted $1.5 billion bond - lawyer | Reuters 4 Min Read CARACAS (Reuters) - A group of creditors has demanded payment on a $1.5 billion Venezuelan bond that is in default, their lawyer said on Monday, kicking off a long-awaited showdown between creditors and the crisis-wracked OPEC nation. President Nicolas Maduro’s government and state-owned companies owe nearly $8 billion in unpaid interest and principal following this year’s default on bonds amid a hyperinflationary collapse of the country’s once-wealthy socialist economy. Five investment funds have demanded that Venezuela pay the principal and outstanding interest on its 2034 bond VE018389347=, said Mark Stancil of Washington-based law firm Robbins Russell, who represents the group. It is the first step in a potential legal campaign by creditors to recover their investments. The decision could trigger similar efforts by investors holding $60 billion in outstanding bonds issued by
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