Orrick's Thomas Laryea
authored an article
in FT Alphaville
arguing for reconsideration of the ban on secondary trading on Venezuela bonds, as we look towards a comprehensive debt restructuring. Thomas notes, "The ban on certain trading in Venezuela bonds stands out as one of the most peculiar and ineffective sanctions. In addition to continuing to defy rational explanation, the secondary market trading ban sets a questionable precedent in terms of U.S. financial market regulation."
Thomas previously authored another article
published in FT Alphaville
in October 2019, "Venezuela's Debt Resolution: Recover the Assets." In this article, he noted, "The lead time to design and test legal innovations to supplement the market-based approaches to sovereign debt restructuring can take months, if not years. Now is the time to be innovative about a solution for a restructuring of Venezuela's assets and liabilities."