The seal has been broken. Debt holders come after Maduro

Holders of 2034 sovereign bond will sue Venezuela
Posted on June 1, 2018by Eduardo Lugo

A group of US investors holding sovereign bonds with an expiration date in 2034 initiated legal action to sue Venezuela for lack of payments.

The holders have more than 15% of the $1.5 billion in circulation of the 2034 papers, said Mark Stancil, the lawyer for Robbins, Russell, Englert, Orseck, Untereiner & Sauber LLP that represents the investors, said Banking and Business.

US investors are looking to "grow the group and evaluate multiple actions," said Stancil. The 2034 financial instrument had an interest payment of $70 million, which expired in January of this year.

Venezuela and PDVSA accumulate more than USD 4 billion in late payments on their bonds since the end of 2017. In November, President Maduro announced a restructuring of the debt in which no progress has been made.

Likewise, Bloomberg revealed that although the group still does not have the necessary minimum threshold of the bonds (25%) to demand immediate payment of capital, it does have the amount required to block key modifications in its bond contracts.

http://www.caraotadigital.net/economia/tenedores-del-bono-soberano-2034-demandaran-a-venezuela/

Investors have waited to initiate actions against Venezuela, since they assumed a late payment is better than no payment. But, after waiting MONTHS for any sort of payment, the wheels have come off.

Next to go? Every overseas assets that Venezuela has can and will be seized. Bye bye, Citgo.