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PDVSA 2020: New York ruling upholds bonds and puts pressure on Citgo📊 A ruling that reopens the Citgo case The U.S. Court of Appeals for the Second Circuit, based in Manhattan, upheld the validity of Petróleos de Venezuela’s 2020 bonds, which have been in default for years. The court rejected the argument that the transaction required prior approval from Venezuela’s National Assembly, finding that the Constitution did not invalidate the issuance. This left in place the decision previously handed down by the U.S. District Court for the Southern District of New York.

PDVSA 2020: New York ruling upholds bonds and puts pressure on Citgo

📊 A ruling that reopens the Citgo case
The U.S. Court of Appeals for the Second Circuit, based in Manhattan, upheld the validity of Petróleos de Venezuela’s 2020 bonds, which have been in default for years. The court rejected the argument that the transaction required prior approval from Venezuela’s National Assembly, finding that the Constitution did not invalidate the issuance. This left in place the decision previously handed down by the U.S. District Court for the Southern District of New York.
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