PDVSA says it’s not Venezuela’s alter ego in $118m debt deal

By Clark Mindock (February 4, 2022, 7:36 PM EST) – Citgo’s Venezuelan parent company says bondholders seeking to grab $118 million in stock have failed to prove the company is the alter ego of the South American nation, and that their attempt to recover this money in federal court in Delaware should be dismissed.

Petróleos de Venezuela SA said tying it to the Venezuelan government is essential in the case of bondholders, as federal law allows only limited exceptions to foreign sovereign immunity in US courts.

Among these limited exceptions are situations in which there is an established close link between the State and a financial instrument. But PDVSA said…

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