PDVSA extends debt swap deadline for second time

State oil company Petróleos de Venezuela (PDVSA) announced on 13 October 2016 it extended the deadline for participating in a US$5.3 billion debt swap offer until 17 October. PDVSA had previously postponed the early deadline to 12 October and the expiration date to 14 October (Globovisión). PDVSA stated the bondholder participation rate was substantially inferior to the minimum of 50 percent participation the company needs for the debt swap to go through (Panorama). The debt swap proposes to exchange April and November 2017 bonds for bonds maturing in 2020, backed by shares in PDVSA's U.S. subsidiary Citgo.