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
- $160.7M, nearly all to Rudi Lovati: $129.1M on a 9% bond due 2023 ($76.5M principal plus interest) and $31.6M in unpaid coupons and interest on a 9.25% bond due 2027
- Current estimate
- Plus per diem interest from June 12, 2023 to entry, and post-judgment interest
- Award holder
- Rudi Lovati and Alessandro Lucibello Piani (holders of Venezuelan sovereign bonds)
- Respondent
- Bolivarian Republic of Venezuela
- Forum
- S.D.N.Y. Nos. 19-cv-4793 and 19-cv-4796 · Venezuelan sovereign bonds · judgment after summary judgment
Challenges
The court granted the bondholders summary judgment (amended opinion, March 23, 2023). No appeal of the judgment verified.
Enforcement
Registered in the D. Del. (Misc. No. 23-340). Tied 15th in the Citgo sale Final Priority Order (April 3, 2024). Related Lovati claims against PDVSA are pending in the S.D.N.Y.
Recovered to date
None reported.
Notes
Total computed by adding the four sums in the judgment text. Accrued per diem interest not added.