How credible is Venezuela’s debt restructuring?
Aggressive timetable and lack of IMF involvement raise feasibility concerns for restructuring up to $240 billion of debt
Venezuela is undertaking one of the largest and most complex debt restructurings in history. But plans for a rapid process, potentially ignoring some of the thorniest credit exposures, without the involvement of the International Monetary Fund have raised serious questions about its credibility.
In May, the Venezuelan government commenced a restructuring process for both sovereign and state oil company (PDVSA) debt, and it hired Centerview Partners, a US investment bank, as its financial adviser
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