A U.S. court granted a 120-day stay in a legal battle between a hedge fund and V...
FILE PHOTO: Cutouts depicting images of oil operations are seen outside a building of Venezuela's state oil company PDVSA in Caracas, Venezuela January 28, 2019. REUTERS/Carlos Garcia Rawlins/File Photo/File Photo
The move will delay proceedings in two suits brought by Red Tree Investments against PDVSA in New York courts for $182 million for allegedly defaulting on four loan agreements. The ruling could set a precedent for other suits against PDVSA and Venezuela’s government, which together have defaulted on some $8 billion in debt.
Guaido in January invoked Venezuela’s constitution to assume an interim presidency, arguing President Nicolas Maduro’s 2018 re-election was illegitimate. Guaido has been recognized by the United States and most Western countries as the South American nation’s rightful leader. Daniel Salinas, an attorney for Red Tree, declined to comment on the ruling. Red Tree had previously argued that granting the stay would amount to an “indefinite delay.”
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