Venezuela Oil Company Must Face Lawsuit Over Sovereign’s Debts

Six more creditors have a chance to attach Petroleos de Venezuela SA’s shares in an American subsidiary after the Third Circuit found the company can be held liable for Venezuela’s debts Friday.

PDVSA remains Venezuela’s alter-ego under the law, Judge Paul B. Matey of the US Court of Appeals for the Third Circuit said, even after a rival government administration took control over part of the company’s assets.

The creditors, including OI European Group BV and Koch Minerals SArl, won arbitration awards against Venezuela over the state’s broken contracts and sought to attach, or seize, those shares as part of ...