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.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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