Full Breakdown
Venezuela Launches $150 Billion Debt Restructuring
5/28/2026, 6:50:09 AM
Venezuela Launches $150 Billion Debt Restructuring
Interim President Delcy Rodriguez announced that Venezuela will begin restructuring over $150 billion of sovereign debt that defaulted in 2017. The administration says the process will be transparent to restore fiscal sustainability.
Centerview Hired Without Open Bidding
The government appointed US advisory firm Centerview Partners as lead adviser in February. Insiders say the selection lacked a formal competitive tender; firms such as Lazard, Rothschild and Alvarez & Marsal were not approached.
Key Players: Matthieu Pigasse and Mauricio Claver-Carone
Centerview’s team is led by French banker Matthieu Pigasse, who has advised L’Oréal and Kering and has known Rodriguez for 15 years. Former US Latin America envoy Mauricio Claver-Carone, now managing partner of the Latin America Real Assets Opportunity Fund (LARA), reportedly vouched for Centerview despite holding no current official position.
Official Statements
Centerview said its team has unique experience in the largest sovereign debt restructurings and no conflicts of interest. A US State Department spokesperson described Claver-Carone as an expert with regional contacts who routinely shares his perceptions with US officials. The Venezuelan administration reiterated its commitment to a transparent reset, without a detailed procedural roadmap.
Criticism and Opposition
Four sources called the selection “unusual,” and three investors warned that the opaque process could erode confidence in any haircut. Critics note the perceived US influence through Claver-Carone’s informal role, raising doubts about fairness and negotiation independence.
Data and Statistics
- Defaulted sovereign debt: > $150 billion (2017).
- Expected Centerview fees: “tens of millions of dollars.”
- Bondholders target a settlement by end-2027, with the haircut size as the dispute.
Conflicting Reports and Gaps
Sources disagree on Claver-Carone’s role: some say he helped secure Centerview’s mandate, while the firm’s spokesperson says he “was not involved in our pitch … and we don’t have any financial or other relationship” with him. Venezuelan officials declined comment; Centerview’s compensation terms are undisclosed.
Verbatim Quotes
- “How does an open process work in Venezuela? What else right now has an open bidding?” — Mauricio Claver-Carone, former US envoy
- “ A spokesperson for the firm said, "Centerview was hired by Venezuela because our team is the world leader, with unique experience working on the largest sovereign debt restructurings and no conflicts of interest.” — Centerview spokesperson
- “I have known Delcy Rodriguez and worked with her for the past 15 years.” — Matthieu Pigasse, senior Centerview banker
What’s Next
Bondholders expect a restructuring proposal by late 2027. Claver-Carone hopes his informal advisory role ends as diplomatic ties normalize. The outcome will test whether promised transparency can be sustained amid doubts about the adviser’s selection.
