The latest order by the U.S. judge could set off a scramble by a long list of creditors owed $65 billion in bonds that cash-strapped Venezuela has stopped paying within the last year, dijo Russ Dallen, a Miami-based partner at the brokerage firm Caracas Capital Markets.
This was the most vulnerable low hanging fruit for debtholders to go after,” dallen dijo. “It looks like Crystallex is the lucky lottery winner because they got there first.
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Upon issuing the order, the judge delayed enforcing it for a week, cual dallen said could be a move to give Crystallex and Venezuela time to reach an agreement, such as returning to payment terms of an earlier settlement, dallen dijo.
This gives Venezuela the chance to honor its settlement agreement,” dallen dijo. “Or they’ll lose Citgo.