Sanders backing brings big dollars to DNC chair's challenger

Sanders backing brings big dollars to DNC chair's challenger

Venezuelan state oil company PDVSA is preparing to issue $2.5 billion (£1.7 billion) in promissory notes to settle unpaid bills to services companies, according to industry sources and documents seen by Reuters. PDVSA has already issued at least $310 million in debt securities as part of a broader effort to prevent crucial oil services providers from downing their tools for lack of payment, Reuters reported this month. The company has hired little-known, Miami-based financial services firm CP Capital to structure 3-year notes with a one-year grace period that will have the same status as PDVSA's global bonds, according to documents obtained by Reuters.