PDVSA’s 2020 bond payment that is due today is largely expected to go into default by tomorrow, but the collateral used to back the bond, the US-based Citgo refinery, may soon be separated from its disappointing parent. The PDVSA bond payment due to is for $913 million, and pretty much no one is expecting Venezuela’s state-run oil company to make good on that payment. As it currently stands, defaulting on this bond payment would allow creditors owed the $913 million to seize Citgo shares. But opposition leader has filed a lawsuit in New York to dispute the validity of using Citgo as collateral to back the PDVSA bond , using the argument that it did not have approval from the opposition-run congress to promise that, according to Reuters . When the bond swap was proposed years ago by then-President Nicolas Maduro, the National Assembly warned that any deal made […]