Lazard Bids to Replace Centerview as Venezuela’s Sovereign-Debt Adviser

On June 14, 2026, U.S. investment bank Lazard submitted a $25 million bid to become the financial adviser for Venezuela’s sovereign-debt restructuring, seeking to displace Centerview Partners, which the Venezuelan government appointed in May. The bid targets one of the world’s largest sovereign-default cases, covering both the state’s and PDVSA’s debt.

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Venezuela launched a restructuring of its sovereign bonds and those of state oil firm PDVSA earlier this year, prompting a rise in bond prices. The government confirmed in May that it had hired Centerview Partners as its adviser, a decision made without a formal competitive process. The adviser’s mandate includes shaping the government’s financial strategy and leading negotiations on debt that defaulted under former President Nicolás Maduro in 2017.

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• Outstanding defaulted bonds: Approximately $60 billion (sovereign + PDVSA).

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• Total estimated liabilities: Analysts project figures could exceed $150 billion when arbitration awards and accrued interest are included.

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• Centerview’s proposed compensation: A monthly retainer of $750,000 plus a success fee of 0.1 % of the restructured debt, amounting to $150 million–$200 million.

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• Lazard’s proposed compensation: A flat fee of $25 million, described as a “fraction” of Centerview’s expected price.

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Venezuela’s Ministry of Communication and Information thanked Lazard and other interested firms, emphasizing that adviser selection follows a “consistent set of criteria focused on team experience, expertise, quality analysis and understanding of our circumstances.” The ministry reiterated that Centerview was chosen based on those criteria.

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Centerview, in a statement to Reuters, asserted that its engagement terms will be “based on market rates” and dismissed contrary speculation as false. Lazard declined to comment on the bid.

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Reuters noted that the appointment of Centerview without a formal competitive process has prompted concerns among investors and officials regarding fairness and transparency. Critics argue that the lack of an open tender may affect confidence in the restructuring’s credibility.

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Sources differ on the exact fee structure for Centerview. Bloomberg reported a draft contract indicating a $150 million–$200 million price, while other reports cite a $750,000 monthly retainer and a 0.1 % success fee. No independent verification of the final terms has been provided.

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• “Given Lazard's experience in sovereign advisory, it believes that the Venezuela government does not need to significantly overpay for world-class restructuring advice.” — source familiar with the matter, speaking on condition of anonymity

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• “We thank Lazard and other firms for their interest in supporting our debt restructuring efforts,” — Ministry of Communication and Information, Venezuela

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• “As in our previous adviser selection processes, we applied a consistent set of criteria focused on team experience, expertise, quality analysis and understanding of our circumstances,” — Ministry of Communication and Information, Venezuela

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• “Based on those same considerations, we selected Centerview Partners as our financial adviser,” — Ministry of Communication and Information, Venezuela

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• “speculation to the contrary is false.” — Centerview Partners spokesperson

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The size of the eventual writedown will be pivotal for Venezuela’s fiscal sustainability and overall economic health. The adviser’s ability to negotiate favorable terms could determine whether the country can restore access to international capital markets.

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Venezuela’s appointed adviser will soon begin detailed negotiations with creditors, while Lazard’s bid may prompt a reassessment of advisory arrangements. The outcome will shape the trajectory of the $60 billion-plus debt restructuring and its impact on the nation’s financial recovery.

Reuters