The president of the Ad hoc Board of Petróleos de Venezuela SA (PDVSA), Horacio Medina, said the company can be saved through a debt restructuring. Consider that in the auction of the coming 18 of August there will not be a definitive decision on an eventual future buyer and that if so, they will appeal the judicial measure
In the opinion of the president of the Ad hoc Board of Petroleums of Venezuela SA (PDVSA), Horacio Medina, the Citgo company still represents an important capital for the nation, but without political transition it would not make sense to keep it.
“I do not know if Citgo is rescuable, but for us it is essential, we can save it with a forced restructuring of the debt. If there is a change in the political model of Venezuela, other options are opened,” Medina said in the edition of this Monday, August 11 of the conversation of the Rebel Research Alliance (ARI) formed by Runrunes, The whistle and SuchWhich This Thursday, August 7.
https://www.youtube.com/watch?v=yeg98Srr2g
In the moderate program by Víctor Amaya, director of SuchWhich; Luis Blanco, director of Runrunes and César Batiz, director of The whistleMedina sentenced that he does not agree with the forced sale of the company.
“It is not true that there will be a decision about Citgo’s fate on Monday, August 18 during the auction, what will happen is that Judge Leonard Stark will listen to the observations about the applicants and he will take time to pronounce himself and after that an appeal process opens that he can even take us to the Supreme Court of Justice.”
According to information from the Reuters agency, the American company Gold Reserve and the Dutch Vitol disputes control of the refiner owned by PDVSA in the United States.
Medina explained that there is at least one undertaking, which means that the judge would have to open a space for Venezuela’s parties and new creditors to make observations.
“We have been in this way of seeing six and a half years, this could be extended for six more months. In a semester many things can happen from the political point of view.”
For Medina, it is meaningless to liquidate a company that is worth at least 18 billion dollars at $ 8 billion, approximate figure offered by interested consortia.
“PDVSA’s debt is 60 billion dollars, the debt of the total republic with PDVSA amounts to $ 170 billion. We are defending Citgo because we believe that with a political change it can be rescued, we can contribute to stabilize the gas distribution system in the country and rescue the thermoelectric generation plants.”
Medina pointed out that the ad hoc Board to which it belongs was created to defend PDVSA assets abroad.
“We have 64 demands and almost every day a new one arises. There are blocked and frozen accounts that belong to the Republic, we want to know what they are and see if you can give a restructuring of the debt.”
Medina explained that the list of creditors requesting money from Citgo and PDVSA closed in January 2024 and consists of at least 18 companies.
“There is the same Golden Reserve, Crystallex, Conocophillips, bonists of 2020, among others. Of those who are, only a few have charged, some have not been incorporated by the lack of a judicial opinion.”
*Read also: the conversation | Carlos Blanco: “Hiding does not mean inaction”
Without notice
According to Medina, the PDVSA ad hoc Board has not been notified of the demands filed in the Court of the State of Delaware in the United States by a group headed by the union leader of PDVSA, Iván Freites and the lawyer Leroy Garrett.
“First of Garrett cannot represent 23,000 people from PDVSA, as he says, the law in the United States does not allow it.”
Medina appeared that the Ad Hoc Board has been satanized by former employees of unjustly fired PDVSA.
“I do not control this process, we do not oppose that everyone will be compensated, but we must comply with a federal regulation.”
The former PDVSA worker said that there is an amount of money due to the embezzlement of funds that can go to an anti -corruption fund. ”
“But there are a number of legal steps that must be given, there is currently no possibility of accessing those resources by legal means. Walking that we gave one billion dollars to the interim government is something false.”
The former president of apetrol said he is the first to defend the debts that are with the PDVSA workers.
“Many of those who vilified today never appeared when Chávez (Hugo) began throwing people from the oil company, did not take a banner. At the time a solution occurs there I will be accompanying, but that depends on the US laws and what they decide with Citgo.”
Medina emphasized that fortunately the Government of Nicolás Maduro has had no interference at the Citgo auction.
“With elections that violated the legal norm, in 2018 that government became írrito and are not nationally or internationally recognized.”
The leader said they continue to make lobby with officials of the State Department and other instances in the United States to recover Venezuelan assets abroad and cause the restitution of democracy.
“We represent the Active Protection Administration Board (Capa) and of course we maintain permanent contact with María Corina Machado and Edmundo González, in order to be aligned in all our purposes.”
*Journalism in Venezuela is exercised in a hostile environment for the press with dozens of legal instruments arranged for the punishment of the word, especially the laws “against hatred”, “against fascism” and “against blockade.” This content was written taking into consideration the threats and limits that, consequently, have been imposed on the dissemination of information from within the country.
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