3rd Circuit Stays Enforcement Actions Worth $2.7B Against Venezuela

Mealey's (May 9, 2023, 1:34 PM EDT) -- PHILADELPHIA — The Third Circuit U.S. Court of Appeals ordered a temporary administrative stay of six enforcement actions pending in Delaware federal court, all brought by arbitral award-creditors against the Bolivarian Republic of Venezuela and its state-owned oil company Petróleos de Venezuela S.A. (PDVSA), and expedited PDVSA’s appeal challenging the District Court’s ruling permitting the creditors to seek attachment of its assets at a planned auction....