Venezuela creditors urge U.S. government to remove bond restrictions
CARACAS (Reuters) - Venezuelan bond creditors on Monday urged the U.S. government to remove newly imposed restrictions on the ability of holders of Venezuelan state oil firm PDVSA's 2020 bond to claim collateral after it entered default last month.
CARACAS (Reuters) - Venezuelan bond creditors on Monday urged the U.S. government to remove newly imposed restrictions on the ability of holders of Venezuelan state oil firm PDVSA's
The U.S. government on Oct. 24 blocked a creditor seizure of PDVSA's U.S. subsidiary Citgo, whose shares were used as collateral for the bond issue, through Jan. 22. Venezuela opposition leader Juan Guaido took control of Citgo in February after Washington recognized him as the country's legitimate president.
The following week, the bond went into default when a $913 million payment came due and Guaido's allies filed a U.S. lawsuit requesting the bond be declared null.
On Monday, the Venezuela Creditors Committee, which groups holders of Venezuelan government and PDVSA debt, said the U.S. government had deprived them of their "ability to defend its interests" and said Guaido's team had failed to open dialogue.
"We urge the U.S. Government to remove the newly imposed restrictions on the ability of the 2020 bondholders to enforce the security interest freely granted to them," the Committee said in a statement.
The Committee criticized Guaido's team for preferring to file a lawsuit than "engage constructively with creditors."
"If the Guaido Government wishes to engage with the country's creditors in good faith and to pursue an orderly and consensual renegotiation of the country's external debts, it will have to change its approach dramatically."
A spokesman for Guaido did not immediately respond to a request to comment.
Guaido won the backing of the United States and some 50 other countries in January, but socialist President Nicolas Maduro retains control of most state functions and the Venezuelan operations of PDVSA.
He has prioritized defending Venezuelan assets abroad from a long list of creditors, including lenders and companies seeking to enforce international arbitration judgments for expropriated property in Venezuela, such as Canadian gold miner Crystallex and U.S. glass manufacturer Owens-Illinois Inc
Guaido was dealt a setback on Friday when a judge denied his lawyers' request for a 120-day stay in a case regarding a roughly $500 million arbitration award to an Owens-Illinois unit to compensate it for Venezuela's seizure and nationalization of two plants in 2010.
(Reporting by Corina Pons and Mayela Armas; Writing by Angus Berwick and Luc Cohen; Editing by David Gregorio and Paul Simao)
This story has not been edited by Firstpost staff and is generated by auto-feed.
By Robin Emmott and John Irish | BRUSSELS/PARIS BRUSSELS/PARIS France and Germany will agree to a U.S. plan for NATO to take a bigger role in the fight against Islamic militants at a meeting with President Donald Trump on Thursday, but insist the move is purely symbolic, four senior European diplomats said.The decision to allow the North Atlantic Treaty Organization to join the coalition against Islamic State in Syria and Iraq follows weeks of pressure on the two allies, who are wary of NATO confronting Russia in Syria and of alienating Arab countries who see NATO as pushing a pro-Western agenda."NATO as an institution will join the coalition," said one senior diplomat involved in the discussions. "The question is whether this just a symbolic gesture to the United States
BEIJING Chinese President Xi Jinping on Wednesday called for greater efforts to make the country's navy a world class one, strong in operations on, below and above the surface, as it steps up its ability to project power far from its shores.China's navy has taken an increasingly prominent role in recent months, with a rising star admiral taking command, its first aircraft carrier sailing around self-ruled Taiwan and a new aircraft carrier launched last month.With President Donald Trump promising a US shipbuilding spree and unnerving Beijing with his unpredictable approach on hot button issues including Taiwan and the South and East China Seas, China is pushing to narrow the gap with the U.S. Navy.Inspecting navy headquarters, Xi said the navy should "aim for the top ranks in the world", the Defence Ministry said in a statement about his visit."Building a strong and modern navy is an important mark of a top ranking global military," the ministry paraphrased Xi as saying.