Venezuelan state oil company PDVSA is to extend the second deadline for a $5.3 billion bond swap offer to Friday and says if unsuccessful, it "could be difficult" to pay existing debt.
The cash-strapped company has already extended the deadline twice and said it received "substantially less" offers than a key requirement of needing more than 50 percent participation to go through. (goo.gl/o6jJlr)
"If the Exchange Offers are not successful, it could be difficult for the Company to make scheduled payments on its existing debt ... which would result in the Company evaluating all alternative options," PDVSA said in a statement.
The company added that low oil prices would "impair" its "ability to make scheduled payments on its existing debt." .... http://in.reuters.com