PDVSA creditors' committee to launch restructuring initiative

The Commercial Creditors' Committee of Petróleos de Venezuela (PDVSA) announced that on November 17 it will present an initiative called National Capital to address the state company's outstanding commercial claims and promote financing mechanisms for the energy industry.

The private proposal seeks to address debts accumulated with engineering, construction and oilfield services contractors. Local service companies are essential to supporting the supply chain and operational activity of Venezuela's energy sector.

In parallel, the national government is pursuing talks with multilateral organizations on a financing scheme for the public and private sectors, according to reporting by Descifrado. For its part, El Nacional reported that the ad hoc group of bondholders holds financial commitments totaling $22 billion.

These negotiations run on separate tracks: the commercial liabilities of contractor firms, and the Republic's financial obligations. They take place in an environment marked by the need to restore the industry's operational capacity under the current regulatory framework.