Saving Citgo: The Final Hope For Venezuela’s Most Important Oil Asset

PDVSA’s 2020 bond payment that is due today is largely expected to go into default by tomorrow, but the collateral used to back the bond, the US-based Citgo refinery, may soon be separated from its disappointing parent. The PDVSA bond payment due to is for $913 million, and pretty much no one is expecting Venezuela’s state-run oil company to make good on that payment. As it currently stands, defaulting on this bond payment would allow creditors owed the $913 million to seize Citgo shares. But opposition leader has filed a lawsuit in…