Venezuela Kickstarts $170 Billion Debt Restructuring Process (1)

Venezuela hired a financial adviser as it launches one of the world’s largest-ever debt restructurings, aiming to rework an estimated $170 billion of defaulted bonds and loans.

The government said in a statement Wednesday that it would begin the restructuring process for both sovereign and state oil company debt, appointing Centerview Partners to represent it.

Bonds jumped following the announcement, with government notes due in 2034 hitting the highest level since 2014 and those from the oil company, Petroleos de Venezuela SA, rising two cents on the dollar.

The announcement sets the stage for one of the most extensive debt ...