With the long-delayed commencement of negotiations between the new government of the Commonwealth of Puerto Rico (the “Commonwealth”) and its financial creditors finally underway, and the expiration of the existing stay on creditor actions looming, much of the financial press' attention over...

As the Commonwealth of Puerto Rico's new administration returns to the negotiating table with its creditors, both sides and the Oversight Board will be focusing on the financial terms of the restructured debt, including the size of the haircut and which credits will receive the largest share of...

Interim President Juan Guaidó and the National Assembly have begun the process of preparing Venezuela for the transition from a failed state to a functioning state. Among the most urgent tasks facing a new Venezuelan government will be, of course, measures to address the humanitarian crisis and...

The past few weeks have seen a step-up in creditor efforts to pursue court judgments and judicial execution on the assets of Petróleos de Venezuela, S.A. (“PDVSA”). Within days of obtaining a $2 billion arbitral award against PDVSA and two subsidiaries, ConocoPhillips Co. initiated...

Last week, lawyers unsealed a complaint filed in federal court in Miami, Florida on behalf of Venezuela's state-owned oil company, Petróleos de Venezuela, S.A. (“PDVSA”), against a group of 44 oil trading companies, banks and individuals. The suit alleges that the defendants participated in...

On January 3, 2018, the United States Court of Appeals for the Third Circuit dealt a significant blow to Crystallex International Corporation's long-running effort to recover its $1.2 billion arbitral award and judgment against the Republic of Venezuela for appropriating Crystallex's rights to...