(Reuters) A U.S. court granted a 120-day stay in a legal battle between a hedge fund and Venezuela’s state-run oil company, PDVSA, over unpaid debt in light of the country’s “political situation,” according to a ruling filed on Monday. The move will delay proceedings in two suits brought by Red Tree Investments against PDVSA in New York courts for $182 million for allegedly defaulting on four loan agreements. The ruling could set a precedent for other suits against PDVSA and Venezuela’s government, which together have defaulted on some $8 billion in debt.
U.S. Court Grants Stay in PDVSA Debt Cases Due to Venezuela ‘Political Situation’
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