Houston, October 29, 2019 – Today, PDV Holding (PDVH) together with the Guaidó controlled PDVSA and PDVSA Petróleo filed a complaint to declare the Maduro-regime issued PDVSA 2020 Notes invalid, illegal, null, and void ab initio. The lawsuit, filed in the Southern District of New York, is against MUFG Union Bank, the note’s trustee, and GLAS Americas LLC, the collateral agent.
The PDVSA 2020 Notes were issued as a last attempt at a financial lifeline for the Maduro-regime. As the complaint states, under Venezuelan law the Notes are not valid since the democratically elected National Assembly did not approve them, deeming them illegal.