A U.S. federal judge has ruled that defaulted bonds issued by Venezuela’s state oil company PDVSA in 2016 remain valid, strengthening creditors’ claims on Citgo, the company’s prized U.S. refining subsidiary, Reuters reported. U.S. District Judge Katherine Polk Failla in Manhattan said Thursday that PDVSA’s 2020 bonds were properly issued under Venezuelan law, rejecting the company’s argument that they had been unauthorized. The bonds are secured by a majority stake in Citgo Holding Inc., which operates refineries…
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