Venezuela’s interim government is urging the judge to stay the proceeding in the Contrarian Capital Management funds lawsuit, saying an entry of summary judgment  would complicate sovereign restructuring efforts, provide little benefit to the plaintiffs and would be inconsistent with OFAC sanctions.

The Venezuela interim government’s 10 August reply memorandum comes approximately two weeks after the Contrarian funds asked the court to deny the republic’s motion for a stay, grant the plaintiffs motion for summary judgment, and enter judgment in the full amount of missed principal, missed coupon payments, New York statutory prejudgment interest and other related expenses. Contrarian is seeking to advance on efforts to collect unpaid principal and interest totaling $432.8m on defaulted Venezuela bonds.

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