In a significant move for stakeholders in the ongoing economic crisis in Venezuela, a group of bondholders has engaged Orrick, Herrington & Sutcliffe LLP to serve as their new legal adviser. This decision comes as the Venezuela Creditor Committee prepares for a comprehensive debt restructuring dialogue with the Venezuelan government. This committee holds over $10 billion in defaulted bonds from both the government and the state oil company.
Previously, the Venezuela Creditor Committee had been working with Cleary Gottlieb Steen & Hamilton LLP. The transition to Orrick signals a new strategic direction as the bondholders seek to navigate the complexities of what is anticipated to be an extensive and intricate debt restructuring process. Venezuela’s total debt is estimated to be around $154 billion, making this one of the largest debt restructuring efforts for a developing nation in recent history.
For more details on this development, you can read the full article on Bloomberg Law here.