A U.S. judge said bondholders have valid claims over Venezuela’s prized oil refiner Citgo Petroleum Corp., dealing a blow to the country’s U.S.-backed opposition leaders and putting the company at heightened risk of a forced takeover. Bondholders are entitled to seize and sell the controlling stake in Citgo that Venezuela pledged to them as collateral in a 2016 debt deal, U.S. District Judge Katherine Polk Failla in New York ruled Friday.

Source: Wall Street Journal October 16, 2020 15:54 UTC