U.S. defense firm joins creditors seeking to enforce Venezuela judgments By Reuters


(Reuters) – U.S. defense specialist Huntington Ingalls Industries Inc (N:-RRB- has actually signed up with a long line of creditors seeking to enforce a judgment versus greatly indebted OPEC member Venezuela, court files submitted on Friday revealed.

Huntington Ingalls’ shipbuilding system previously this year got a $138 million judgment from a Mississippi court versus Venezuela’s defense ministry over non-payment for repair work to 2 of the South American nation’s warships which started years earlier.

The repair work started prior to Washington-Caracas relations grew hostile, under late socialist President HugoChavez

Oil- abundant Venezuela has actually suffered a six-year financial collapse under Nicolas Maduro, Chavez’ follower and mentee, and the federal government owes billions to creditors abroad.

On Friday, Huntington Ingalls registered its Mississippi judgment in Delaware federal court and asked for the case be appointed to a judge supervising an effort by Canadian gold miner Crystallex to gather on financial obligations owed by Venezuela by taking a stake in the moms and dad business of U.S. refiner Citgo Petroleum Corp, a system of Venezuela’s state oil business PDVSA.

“We anticipate that Ingalls will next file a Petition for a Writ of Attachment on Citgo parent PDV Holding and get in line,” Russ Dallen, …

Read The Full Article