Venezuela Creditors Tap New Legal Adviser for Debt Restructuring

A group of Venezuela bondholders hired Orrick, Herrington & Sutcliffe LLP as its new legal adviser as they gear up to eventually negotiate a massive debt restructuring with the government.

The Venezuela Creditor Committee, which holds more than $10 billion of defaulted government and state oil company bonds, said in a statement it had retained the San Francisco-based firm. It previously worked with Cleary Gottlieb Steen & Hamilton LLP as its legal adviser.

Reworking Venezuela’s debt would be one of the largest and most complex processes for a developing nation in years — the country owes roughly $154 billion, including ...