Venezuelan Opposition Loses Bond Ruling, Endangering Citgo

A U.S. judge said bondholders have valid claims over Venezuela’s prized oil refiner Citgo Petroleum Corp., dealing a blow to the country’s U.S.-backed opposition leaders and putting the company at heightened risk of a forced takeover.

Bondholders are entitled to seize and sell the controlling stake in Citgo that Venezuela pledged to them as collateral in a 2016 debt deal, U.S. District Judge Katherine Polk Failla in New York ruled Friday.


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