Venezuelan state oil company PDVSA said Monday it restructured 39 percent of its debt in a bond swap, falling short of its goal but giving the struggling firm much-needed breathing room.
After extending the sign-up deadline three times and sweetening the deal for creditors, PDVSA announced a swap for $2.8 billion in bonds, extending the repayment date from 2017 to 2020.
That fell short of its goal of restructuring half its $7.1 billion bond debt.
But it should help the company stave off default as it struggles to meet its short-term debt obligations amid a plunge in global oil prices.
The plan will save the firm $928.6 billion this year, according to brokerage firm Rendivalores.
The new bonds offer a 50.1 percent stake in PDVSA’s US subsidia…
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