Key facts
- Venezuela hired Hogan Lovells as legal counsel.
- The firm will advise on restructuring defaulted debt.
- The debt amounts to approximately $170 billion.
- This is a key step in a potential large-scale sovereign debt workout.
Venezuela has officially engaged Hogan Lovells, a prominent international law firm, to serve as its legal advisor for the complex process of restructuring its substantial defaulted debt. The amount of debt involved is estimated to be around $170 billion. This strategic appointment is viewed as a critical milestone, potentially paving the way for one of the most significant sovereign debt restructurings the world has seen in decades.