Justices Won’t Take Up Venezuela Debt Challenge
America ı By Rihem Akkouche
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In a decisive move, the U.S. Supreme Court on Monday declined to entertain a review of the Third Circuit's ruling, solidifying that Venezuela's state-owned oil giant, Petróleos de Venezuela SA (PDVSA), remains on the hook for the country's staggering debts. This development eliminates a potential complication that could have cast a shadow over one of Delaware's largest forced sales, set to unfold later this year.
Justices Won't Take Up Venezuela Debt Challenge : Caracas Claims Unheeded
Caracas, in its petition, asserted that the Third Circuit's decision in July was erroneously grounded in the actions of a government deemed illegitimate by the U.S. authorities. However, the Supreme Court's decision underscores the continued legal liability of PDVSA, reinforcing the close ties between the state-owned oil company and the debt-ridden nation.
Legal Battle Grounded in Political Turmoil
At the heart of the petition was the question of whether the Third Circuit, in affirming a Delaware federal judge's ruling, erroneously relied on the actions of Venezuelan President Nicolás Maduro. The U.S. withdrew recognition of the Maduro government in early 2019 in favor of opposition leader Juan Guaidó. The legal wrangling centered on this complex political backdrop.
Victorious Creditors Eye PDV Holding
This denial of certiorari by the Supreme Court marks a significant victory for six Venezuelan creditors collectively owed nearly $3 billion. Their sights are set on seizing shares in PDV Holding Inc., a PDVSA subsidiary and the indirect parent company of the formidable U.S. oil giant, Citgo – Venezuela's largest and most critical U.S. asset.
Justices Won't Take Up Venezuela Debt Challenge : Auction Drama in Delaware
The impending auction of PDV Holding, scheduled later this year in Delaware, aims to satisfy a $1.2 billion debt owed to the defunct Canadian mining company Crystallex. Crystallex, ousted from a lucrative Venezuelan gold mining project over a decade ago, seeks resolution through this high-stakes auction.
Impact on Creditor Participation
The creditors, owed billions, including U.S. military shipbuilder Huntington Ingalls, are positioning themselves to participate in the auction. Monday's Supreme Court decision preserves their momentum. Had the high court taken up the case, it could have derailed or, at the very least, delayed their efforts.
Justices Won't Take Up Venezuela Debt Challenge : Diverse Creditors, Diverse Claims
Among the creditors involved is U.S. military shipbuilder Huntington Ingalls, which secured a $138 million arbitral award in 2018. Other creditors hold defaulted Venezuelan bonds or arbitral awards, many stemming from the nationalization of industries during former President Hugo Chávez's tenure.
Legal Battles and Billions
The legal landscape is rife with battles. OI European Group BV, a Dutch subsidiary of Owens-Illinois Inc., clinched a $372 million arbitral award in 2015. ACL1 Investments Ltd., ACL2 Investments Ltd., and LDO (Cayman) XVIII Ltd. are owed $118 million under defaulted Venezuelan bonds. Rusoro Mining Ltd. secured a $967.7 million arbitral award, while Gold Reserve Inc. claimed $713 million in 2014.
Justices Won't Take Up Venezuela Debt Challenge : Legal Representation
PDVSA is represented by Joseph D. Pizzurro, Kevin A. Meehan, Juan O. Perla, Aubre G. Dean, and Allesandra D. Tyler of Curtis Mallet-Prevost Colt & Mosle LLP. Venezuela is represented by Donald B. Verrilli Jr., Elaine J. Goldenberg, Ginger D. Anders, and Kathleen A. Foley of Munger Tolles & Olson LLP. Various creditors are represented by a diverse array of legal teams.
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