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Message: Bond holders 2018 and 2019 sue Venezuela in a court of the state of New York
Bond holders 2018 and 2019 sue Venezuela in a court of the state of New York
By: Banking and Business | Wednesday, 01/16/2019 03:19 PM | Printable version
Credit: B and N
16-01-19.-Two bondholders 2018 and 2019 sued Venezuela in a court of the state of New York, in the United States, demanding the payment of capital and interest arrears.
Pharo Gaia Fund and Pharo Macro Fund are demanding the payment of interest and principal of the sovereign paper 2018 (coupon 13.625%) and the interests of the sovereign 2019 (coupon 7.75%), for a total amount of $ 26 million, according to judicial documents outlined by the agency Redd Latam.
Both companies are based in Cayman Island and are managed, among others, by Pharo Management, a Delaware company that operates in New York.
Venezuela stopped paying interest on its bonds in 2017 and in 2018 it did not fulfill its commitments of the Elecar 2018 and Soberano 2018 bonds. Only the PDVSA 2020 bond is up to date. In total, the country accumulates defaults for $ 7,869.3 million until 2018 and for 2019 it must pay $ 9,336 million.
Pharo is represented by the law firm Matthew McGill of Gibson Dunn, which also represents Crystallex International, which is trying to collect $ 1.4 billion through a Citgo auction, in a decision that is under review in an appeals court.
Pharo Gaia Fund and Pharo Macro Fund are demanding the payment of interest and principal of the sovereign paper 2018 (coupon 13.625%) and the interests of the sovereign 2019 (coupon 7.75%), for a total amount of $ 26 million, according to judicial documents outlined by the agency Redd Latam.
Both companies are based in Cayman Island and are managed, among others, by Pharo Management, a Delaware company that operates in New York.
Venezuela stopped paying interest on its bonds in 2017 and in 2018 it did not fulfill its commitments of the Elecar 2018 and Soberano 2018 bonds. Only the PDVSA 2020 bond is up to date. In total, the country accumulates defaults for $ 7,869.3 million until 2018 and for 2019 it must pay $ 9,336 million.
Pharo is represented by the law firm Matthew McGill of Gibson Dunn, which also represents Crystallex International, which is trying to collect $ 1.4 billion through a Citgo auction, in a decision that is under review in an appeals court.
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