Venezuela has appointed Centerview Partners as its lead financial adviser for what is shaping up to be one of the largest sovereign debt restructurings in modern history. The engagement covers an estimated $150-170 billion in defaulted sovereign and PDVSA debt, a staggering sum that has been festering since the country stopped paying creditors back in 2017.
The deal and the controversy
The appointment was announced around May 13, 2026, with Matthieu Pigasse, a Centerview partner, leading the advisory team. Pigasse previously worked on Greece’s landmark 2012 debt crisis.
Centerview was chosen without a formal competitive bidding process. That decision has drawn scrutiny from both investors and rival financial institutions who question the transparency of the selection.
The US Treasury reportedly authorized Venezuelan authorities to engage financial advisers ahead of the appointment. That authorization was a necessary precondition given the extensive sanctions regime that has constrained Venezuela’s ability to interact with international financial markets and service providers for years.
