LONDON (Reuters) – A group of investors holding international bonds issued by the Venezuelan government and some of its state-owned enterprises has hired Orrick, Herrington and Sutcliffe as its legal advisers for a future restructuring, it said in a statement.
Venezuela defaulted on international debt in 2017, with the government and state oil company PDVSA alone owing about $60 billion.
Key members of the Venezuelan Creditors’ Committee (VCC) who will take part in the restructuring include asset managers Grantham, Mayo, Van Otterloo & Co. LLC, Greylock Capital, Mangart Capital, T Rowe Price (NASDAQ:) Associates, Inc and Fidelity Investments. The group said in an emailed statement Tuesday.
Group members own bonds issued by the government itself, as well as by state oil company Petroleos de Venezuela (PDVSA) and state energy company Corporación Eléctrica Nacional.
There are also potential payouts of more than $10 billion for past expropriations. Many bonds have traded for cents on the dollar since defaulting in 2017.