PETRÓLEOS DE VENEZUELA S.A. v. MUFG UNION BANK

Docket Nos. 20-3858, 20-4127 August Term, 2021.

51 F.4th 456 (2022)

PETRÓLEOS DE VENEZUELA S.A., PDV Holding, Inc., PDVSA Petróleo S.A., Plaintiffs-Counter-Defendants-Appellants, v. MUFG UNION BANK, N.A., GLAS Americas LLC, Defendants-Counter-Claimants-Appellees.

United States Court of Appeals, Second Circuit.

Decided: October 13, 2022.


Attorney(s) appearing for the Case

Michael J. Gottlieb , Willkie Farr & Gallagher LLP, Washington, D.C.; James R. Bliss , Paul Hastings LLP, New York, NY ( Nicholas Reddick , Kyle A. Mathews , Kristin E. Bender , Willkie Farr & Gallagher LLP, Washington, D.C.; Jeffrey B. Korn , Willkie Farr & Gallagher LLP, New York, NY; Kurt W. Hansson , Paul Hastings LLP, New York, NY; Igor V. Timofeyev , Paul Hastings LLP, Washington, D.C., on the brief), for Plaintiffs-Counter-Defendants-Appellants.

Walter Rieman , Paul, Weiss, Rifkind, Wharton & Garrison LLP, New York, NY ( William A. Clareman , Jonathan Hurwitz , Shane D. Avidan , Paul, Weiss, Rifkind, Wharton & Garrison LLP, New York, NY; Roberto J. Gonzalez , Paul, Weiss, Rifkind, Wharton & Garrison LLP, Washington, D.C.; Christopher J. Clark , Matthew S. Salerno , Sean H. McMahon , Latham & Watkins LLP, New York, NY, on the brief), for Defendants-Counter-Claimants-Appellees.

Donald B. Verrilli, Jr. , Munger, Tolles & Olson LLP, Washington, D.C. ( Elaine J. Goldenberg , Munger, Tolles & Olson LLP, Washington, D.C.; George M. Garvey , Munger, Tolles & Olson LLP, Los Angeles, CA, on the brief), for Amicus Curiae the Bolivarian Republic of Venezuela.

Douglass Mitchell , Previn Warren , Jenner & Block LLP, Washington, D.C., for Amici Curiae David Landau, Nelson Camilo Sanchez Leon, Mila Versteeg, Diego Zambrano.

Before: Leval, Lohier, and Robinson, Circuit Judges.


In 2016, Venezuela's state-owned oil company, Petróleos de Venezuela, S.A. ("PDVSA"), announced a proposed bond swap through which noteholders could tender unsecured notes due in 2017 in exchange for new notes due in 2020 and secured by a controlling interest in CITGO Holding, Inc. CITGO is owned by PDVSA through a...

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