Oil Pipeline Fears of a possible default by Venezuela’s cash-strapped oil company PDVSA have mounted in recent weeks, but can now rest easy, after Venezuela managed to get credit holders to agree to a swap of $2.8 billion of the $5.325 billion in bonds it was looking to extend. The swap comes after the state-run giant had extended the offer to bondholders three times, in an effort to swap the US$5.325 billion worth of notes due in 2017 for new notes maturing in 2020. The offer was accepted by some creditors this time around because it agreed to sell off lucrative Citgo Petroleum Corp—PDVSA’s U.S. unit. While the $2.8 billion falls short of the $5.325 billion goal, it does give the company just enough cash to maybe extend its life through 2017, although swaps traders are pricing in a 51 percent probability that the company will still default sometime […]