By acknowledging the existence of the “prescription clause” and stressing that there might be a significant risk of losing unpaid interests, the offer from Maduro government, last week, has amplified the confusion among Venezuela’s creditors. To address those issues Canaima Capital Management Ltd and Illiquidx Ltd have joined forces to launch a dedicated distressed sovereign debt opportunity vehicle, the Canaima Global Opportunities Fund, Bloomberg reported. “The ultimate goal is to safeguard investors’ assets to ensure they are treated fairly and to ensure that they benefit from the fund’s performance.” said Luke Allen who will manage the fund as an independent non-executive director. The fund intends to contact the Venezuelan authorities “immediately” said Celestino Amore, managing director of IlliquidX. The lawyers of the fund will decide on whether to engage with Maduro or Guaido’s administration in order to manage the situation and facilitate conversations.
As venezuelacreditors.com reported, investors who join the fund will benefit from deep legal expertise after the group of investors appointed Reynolds Porter Chamberlain LLP, a leading UK law firm with vast experience in sovereign debt matters, and Prof. Rodrigo Olivares-Caminal, an international sovereign debt consultant expert who is currently heading the Cuba ad-hoc creditor committee.