PDVSA issues third extension for debt swap participation

State oil company Petróleos de Venezuela (PDVSA) announced on 17 October 2016 that it extended the deadline to participate in a debt swap until 21 October, marking the deal's third deadline postponement. According to PDVSA, the offer to swap US$5.3 billion in bonds expiring in 2017 for bonds maturing in 2020 received substantially fewer participants than the minimum of 50 percent participation that PDVSA requires to carry out the swap (Panorama). PDVSA added that if the debt swap is not successful, it could be more difficult for the company to make scheduled payments on its existing debt, which would result in the company evaluating all alternative options (La Patilla).