What are the key developments in Venezuela's sovereign debt restructuring, including the expansion of the Venezuela Creditor Committee with over 15 new funds, the committee's selection of Houlihan Lokey as financial adviser, Venezuela's formal restructuring announcement on May 13

Debt perimeter — Reported figures vary. Bloomberg and Reuters most frequently cite a perimeter of $150–$170 billion in defaulted bonds and loans . A July 2026 Reuters article describes "claims approaching $200 billion" , and other sources mention $240 billion when including all categories of liabilities (sovereign, PDVSA, and broader public sector claims). The $240 billion figure appears to be a more inclusive upper-end estimate; the commonly reported core debt perimeter is around $170 billion.

U.S. Treasury — General License 58 (May 5) — OFAC issued General License 58 on May 5, 2026, authorizing the provision of legal, financial advisory, and consulting services to the Venezuelan government (including PDVSA) in connection with potential debt restructuring . The license is limited to advisory services — it does not authorize actual debt settlements, restructuring transactions, or the transfer of assets . A broader OFAC execution license for a final settlement remains pending.

Earthquakes and process continuity (June 24) — A devastating doublet earthquake struck Venezuela on June 24, 2026, killing over 4,500 people and causing damage estimated at $10 billion or more . Vice President of Economy Calixto Ortega confirmed on July 13 that the government would continue the restructuring process, incorporating the economic impact of the earthquakes into its macroeconomic and debt framework .

Debt sustainability analysis and timeline — The interim government is pushing to complete the restructuring in "record time," with bondholders saying Caracas hopes to secure a deal within months . Ortega stated that in the coming weeks the government will present a sustainability analysis that accounts for the earthquake damage . Several analysts have warned that a rushed deal risks locking in unfavorable long-term terms .