Exclusive: Venezuela's Guaido rushing to get control of Citgo before April debt payment - sources

By Corina Pons and Marianna Parraga CARACAS/MEXICO CITY (Reuters) - Venezuelan opposition leader Juan Guaido's team of advisors is rushing to take control of the country's main foreign asset, U.S. refiner Citgo Petroleum, before a potential bond default that could leave almost half the company in creditors' hands, sources close to the talks told Reuters on Monday. Guaido, who proclaimed himself president last week and has not yet appointed a cabinet, faces the intricate legal challenge of nominating a new leadership for PDVSA and its subsidiaries, including Citgo, who would manage the companies during a transition.

Reuters January 29, 2019 02:05:41 IST
Exclusive: Venezuela's Guaido rushing to get control of Citgo before April debt payment - sources

Exclusive Venezuelas Guaido rushing to get control of Citgo before April debt payment  sources

By Corina Pons and Marianna Parraga

CARACAS/MEXICO CITY (Reuters) - Venezuelan opposition leader Juan Guaido's team of advisors is rushing to take control of the country's main foreign asset, U.S. refiner Citgo Petroleum, before a potential bond default that could leave almost half the company in creditors' hands, sources close to the talks told Reuters on Monday.

Guaido, who proclaimed himself president last week and has not yet appointed a cabinet, faces the intricate legal challenge of nominating a new leadership for PDVSA and its subsidiaries, including Citgo, who would manage the companies during a transition. Other ideas are also in discussion to take control of the firms.

Holders of Venezuela's most watched PDVSA bonds, which mature in 2020, are due a $72 million interest payment in late April. Without that payment, creditors could seize control of the company.

(Reporting by Corina Pons and Marianna Parraga; Editing by Lisa Shumaker)

This story has not been edited by Firstpost staff and is generated by auto-feed.

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