Venezuela and PDVSA Accounts Receivable/Trade Creditor Ad Hoc Group

Protecting Trade Creditor and Account Receivable Rights in Venezuela & PDVSA Restructuring.

We are forming a coordinated Ad Hoc Group of institutional holders of PDVSA Accounts Receivable (AR), Trade Creditors and Promissory Notes. Our objective is to aggregate commercial claims to ensure pari passu (equal) treatment with financial debt (bonds) in any future restructuring. Without a unified voice, trade creditors risk structural subordination and being excluded from the primary deal perimeter.

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Key Benefits

Aggregated Representation

Consolidate a critical mass of claims (Targeting >$5B face value) to demand official recognition from restructuring advisors. Avoid being pushed to a separate "tail" class that receives no recovery.

Pari Passu Parity

Engage shared legal counsel to ensure trade claims are treated as senior unsecured debt, identical to bondholder claims, rather than subordinated vendor payables.

Success-Aligned Economics

A zero-upfront "cash burn" structure. We propose a 10% success fee on recovered value with $0 monthly retainers, ensuring interests are fully aligned with actual recovery.

Why Start an Ah Hoc Group Now?

The Urgency of Coordination:Bondholder Dominance:
Organized bond committees with top-tier advisors are already positioning to prioritize financial claims over trade debt.
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‍The "Cram Down" Risk:
Unrepresented creditors frequently receive "take-it-or-leave-it" offers significantly lower than those of organized blocs.
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‍Process Positioning:
Precedents like Iraq and Argentina show that creditors who organize early secure a seat at the table; those who wait are often liquidated at pennies on the dollar.

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This Ad Hoc Group is exclusively for Trade Creditors and Account Receivable creditors of Venezuelan/PDVSA commercial claims, promissory notes, and accounts receivable.

How to Join:
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1. Submit Interest: Complete the secure inquiry form below to join the "Soft Circle" (non-binding).

2. Formalize the Bloc: Execute a streamlined Advisory Agreement to formalize the coordination.

3. Counsel Selection: Participate in the selection of shared legal counsel to monitor dockets and protect statutes of limitation

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