3rd Circuit Denies Emergency Motion To Lift Stay On $2.7B Awards Against Venezuela

Mealey's ( May 19, 2023, 2:24 PM EDT) -- PHILADELPHIA — The Third Circuit U.S. Court of Appeals denied an emergency motion by six award-creditors to reconsider the court’s temporary administrative stay on enforcement of judgments in their favor collectively worth more than $2.7 billion against the Bolivarian Republic of Venezuela and its state-owned oil company Petróleos de Venezuela S.A. (PDVSA), as the creditors seek to join a planned auction of PDVSA’s assets in Delaware federal court....

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