Cloud 9fin Venezuela — A change is gonna come, but who will collect?
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Jan 19, 2026 Xóchitl Herrer, a seasoned Latin America editor and reporter, dives deep into Venezuela's tumultuous financial landscape. She discusses the aftermath of Nicolás Maduro's removal and the complex web of creditor groups, highlighting significant arbitration claims from companies like Conoco and Exxon. Xóchitl also explores the challenges of restructuring the country’s debts, potential funding pathways, and the crucial role of new leadership in these negotiations. Her insights illuminate the intricate dynamics of Venezuela’s financial future and recovery strategies.
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Defaulted Bonds And A U.S. Three-Step Plan
- Venezuela's bonds have been in default since 2017 and recent political shifts reopened negotiation prospects.
- The U.S. aims for a three-step plan: stabilization, recovery and transition tied to potential elections.
A Complex Creditor Landscape
- Creditors are fragmented and include sovereign bondholders, arbitration award winners and Chinese creditors with complex claims.
- Sanctions and asset transfers complicate who holds claims and who stands to be paid.
PDVSA Seen As Alter Ego In U.S. Courts
- Lawyers convinced a U.S. judge that PDVSA is an alter ego of Venezuela, enabling claims on Citgo.
- That legal route created a separate Delaware case and a Citgo-focused waterfall of claimants.