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PDVSA extends bond swap, warns on paying debt if unsuccessful

Monday, October 17, 2016 21:31
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(Before It's News)

Venezuelan state oil company PDVSA is to extend the second deadline for a $5.3 billion bond swap offer to Friday and says if unsuccessful, it “could be difficult” to pay existing debt.

The cash-strapped company has already extended the deadline twice and said it received “substantially less” offers than a key requirement of needing more than 50 percent participation to go through. (goo.gl/o6jJlr)

“If the Exchange Offers are not successful, it could be difficult for the Company to make scheduled payments on its existing debt … which would result in the Company evaluating all alternative options,” PDVSA said in a statement.

The company added that low oil prices would “impair” its “ability to make scheduled payments on its existing debt.” …. http://in.reuters.com

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