Latest development Oct 21, 2026
The Third Circuit heard argument on the Citgo sale order on October 21, 2026. Closing also needs an OFAC license.
The award
- Amount awarded
- $393.4M across three judgments: $289.1M (October 16, 2020), $60.0M (May 24, 2021), and $44.2M (October 27, 2021)
- Current estimate
- $394.6M with post-judgment interest as of August 14, 2023, per the creditors
- Award holder
- Contrarian Capital Management, L.L.C. and affiliated funds (holders of Venezuelan sovereign bonds)
- Respondent
- Bolivarian Republic of Venezuela
- Forum
- S.D.N.Y. No. 19-cv-11018 · Venezuelan sovereign bonds · three final judgments
Challenges
None reported.
Enforcement
Registered in the D. Del. (Misc. Nos. 21-18, 22-131, and 22-263). The clerk issued writs of attachment on PDV Holding shares in March 2024 under the Final Priority Order, which ranks the three judgments 13th (April 3, 2024).
Recovered to date
None reported. The creditors state that Venezuela continues not to pay principal and interest on the bonds.
Notes
Contrarian also requested a fourth default judgment in July 2023 (proposed at about $211.9M). Whether it was entered is not verified.