Venezuela's state owned oil company sued for allegedly defaulting on payments to Houston engineering company
Venezuela's state-owned oil company PDVSA, drowning in debt, just got hit with another lawsuit, this time from Houston-based Dresser-Rand.I suspect that this case will be in line with others trying to claim payments owed by Venezuela. It is unlikely that Maduro will use the gold he is taking from the Venezuelan central bank to pay these outstanding debts.
Dresser-Rand, an engineering and manufacturing company that supplies equipment to the oil and gas industry, sued PDVSA alleging it has been in default on bond payments since October 2017. It claims PDVSA made only the first two required payments on the $119.6 million principal amount and then stopped paying.
The company is seeking more than $132 million, according to the suit filed with the Supreme Court of New York on Tuesday. PDVSA controls Citgo, the Houston-based refiner. Citgo assets are not mentioned in the suit.