Sovereign Debt Restructurings: The Case of Venezuela

Join Drexel University’s LeBow College of Business and the Global Interdependence Center for a conference on emerging global issues.

The recently-announced intention of restructuring Venezuela’s sovereign debt will make it one of most prominent restructuring episodes, along those of Argentina, Greece and Ukraine. The estimated $150 billion restructuring of Venezuela’s sovereign and PDVSA’s debt will be a major challenge to the local economy, creditors and institutions involved. The conference will address pertinent issues to the restructuring, including main causes, processes, possible outcomes and the impact on the global economy.

Agenda

8:30 a.m. | Registration + Coffee/Light Refreshments

9:00 a.m. | Introduction: The Global Economic Significance of Sovereign Debt Restructurings *Michael G. Papaioannou, Expert IMF *George Tsetsekos, Drexel University

9:05 - 10:20 a.m. | Session 1: The Role of Institutions in Venezuela’s Sovereign Debt Restructurings Chair: Lee C. Buchheit, Cleary Gottlieb Steen & Hamilton LLP Panel: *Leopoldo Martinez, LMN Consulting *Rafael Molina, NewState Partners *Pablo Druck, IMF Topics: *Geopolitical challenges and perspectives *Macroeconomic setting and economic considerations *Sovereign debt issues and differentiation between Sovereign and PFVSA debt *The potential role of IMF

10:20 - 11:35 a.m. | Session 2: Market Perspectives in Venezuela’s Sovereign Debt Restructuring Chair: Rafael Molina, NewState Partners Panel: *Lee Buchheit, Cleary Gottlieb Steen & Hamilton LLP *Richard Francis, Fitch Credit Ratings *Elena Duggar, Moody’s Investors Services Topics: *Contractual challenges and creditors conflicts. *Eligible debt, market valuation and NPV haircuts *Missed coupon payments, down-gradings, ISDA, CDS and loss of market access *Credit Ratings Agency perspectives

11:35 - 11:45 a.m. | Break

11:45 a.m. - 1:00 p.m. | Session 3: Creditors’ Views and Future Perspectives Chair: Hans Humes, Greylock Capital Management Panel: *Aviva Werner, ETMA *Tamon Asomuna, IMF *Thodour Jonasson, IMF *Mark Wright, Federal Reserve Bank of Minneapolis Topics: *Holders of Venezuela’s sovereign and PDVSA debt *Argentina, Greece, Ukraine, Venezuela – implications for future restructurings *Global prospects for sovereign debt restructurings *Debt outstanding and vulnerabilities – which conditions make a country a candidate for sovereign debt restructuring?

1:00 p.m. | Concluding Remarks