Venezuela Retains Centerview Partners for Debt Restructuring

Calixto Ortega, Venezuela's top economic adviser, confirmed that the U.S. financial services firm Centerview Partners continues to serve as the financial adviser for the country's debt restructuring. Speaking in Bangkok during the annual meetings of the IMF and World Bank, Ortega stated that the government is "very happy with them" and that the firm remains deeply involved in the process.

This confirmation follows reports from June that the U.S. investment bank Lazard had bid to replace Centerview. The restructuring involves the sovereign debt of the state and its state-owned oil firm, PDVSA, with a total debt pile estimated between $150 billion and $200 billion.

Ortega noted that the government intends to publish a debt sustainability analysis soon. However, he acknowledged that the process has been more challenging than expected because of a complex network of creditors.