Story perspectives
U.S. Judge Upholds PDVSA Bonds, Clouds Citgo's Future
9/18/2025
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Story summary
- A U.S. judge upheld PDVSA's 2020 bonds, affecting Citgo's ownership.
- Judge Katherine Polk Failla confirmed the bonds were valid under Venezuelan law.
- PDVSA defaulted on these bonds in 2019, resulting in litigation over Citgo's assets.
- The ruling halted a Delaware court auction of Citgo's parent company shares.
- Venezuela's lawyers may appeal, leaving Citgo's future uncertain.
