ConocoPhillips wins $2 billion arbitration against Venezuela oil company

[thackney]

ConocoPhillips wins $2 billion arbitration against Venezuela oil company
https://www.chron.com/business/energy/article/ConocoPhillips-wins-2-billion-arbitration-12866129.php
April 26, 2018

ConocoPhillips said Wednesday that it won a $2 billion arbitration award against Venezuela's state oil company, compounding the financial woes of the socialist-run nation as it struggles to feed its population.

The award represents the equivalent of more than 20 percent of the cash-strapped government's foreign currency reserves.

The Houston-based company said in a statement that the ruling against PDVSA by an International Chamber of Commerce panel was final and binding.

"ConocoPhillips will pursue enforcement and seek financial recovery of its award to the full extent of the law," the company said in a statement....

[thackney]

PDVSA’s Secured Creditors Organize Ahead of Payment
https://www.bloomberg.com/news/articles/2018-04-24/pdvsa-s-secured-creditors-are-said-to-organize-ahead-of-payment
April 25, 2018

Creditors holding secured bonds from Venezuela’s struggling state oil company are organizing ahead of an interest payment due Friday, according to people with knowledge of the matter.

The group of investors, which includes Ashmore Group Plc -- the largest reported holder of the $2.5 billion of notes due 2020 from Petroleos de Venezuela SA -- has tapped law firm White & Case LLP to advise them, said the people, who asked not to be identified because the matter is private. It’s unclear how much of the debt the creditor group holds. Representatives for Ashmore and White & Case declined to comment.

The group is preparing for the possibility that PDVSA fails to make its $107 million payment due Friday, which after a grace period expires would entitle them to start the process to enforce their collateral rights....

[Frank Cannon]

LOL. Good luck collecting that.

BTW hasn't Venezuela been consistently missing these repayment deadlines for a year?

[thackney]

LOL. Good luck collecting that.

BTW hasn't Venezuela been consistently missing these repayment deadlines for a year?

Most but not all of them:

Amid Venezuela default, Goldman receives 'hunger bond' payment: sources
https://www.reuters.com/article/us-venezuela-goldman/amid-venezuela-default-goldman-receives-hunger-bond-payment-sources-idUSKBN1HH36H
APRIL 10, 2018

Despite being in default on most of its debt, Venezuelan state oil company PDVSA has made a $90 million interest payment on a bond largely purchased by Goldman Sachs Group Inc (GS.N) last year in an operation that generated backlash in the crisis-stricken nation, finance industry sources said on Tuesday....

....Maduro’s government has halted almost all foreign debt payments, leaving Venezuela and PDVSA in default on around $40 billion in bonds, according to Thomson Reuters data.....

[Frank Cannon]

Most but not all of them:

Amid Venezuela default, Goldman receives 'hunger bond' payment: sources
https://www.reuters.com/article/us-venezuela-goldman/amid-venezuela-default-goldman-receives-hunger-bond-payment-sources-idUSKBN1HH36H
APRIL 10, 2018

Despite being in default on most of its debt, Venezuelan state oil company PDVSA has made a $90 million interest payment on a bond largely purchased by Goldman Sachs Group Inc (GS.N) last year in an operation that generated backlash in the crisis-stricken nation, finance industry sources said on Tuesday....

....Maduro’s government has halted almost all foreign debt payments, leaving Venezuela and PDVSA in default on around $40 billion in bonds, according to Thomson Reuters data.....

Oh well. Looks like they are in great shape then. Do you think that Conoco Phillips takes PetroBananas as a form of payment?

[thackney]

Oh well. Looks like they are in great shape then. Do you think that Conoco Phillips takes PetroBananas as a form of payment?

Could a US judge assign CITGO US assets free of the associated PDVSA debts?

[thackney]

Conoco believes it can still take possession of the oil inventories and other assets, according to a person familiar with the matter.

Conoco signaled it would move on PDVSA assets anywhere in the world to collect on the ICC ruling.

“PDVSA is a global company with global assets,” Conoco spokesman Daren Beaudo said in a statement. “We will pursue all available legal avenues.”

Conoco aims to seize PDVSA oil inventories in Curacao: sources
http://www.gopbriefingroom.com/index.php/topic,315349.new.html#new