Lazard bids to advise Venezuela on sovereign debt restructuring

Investment bank Lazard submitted a last‑minute proposal to become the financial adviser for Venezuela’s ongoing sovereign debt restructuring, aiming to compete with U.S. firm Centerview Partners. Lazard offered a fee of $25 million, a fraction of the $150 million or more that Centerview negotiated with the interim government in April. The adviser’s role would be to shape the country’s financial strategy and lead negotiations on its defaulted debt, which includes roughly $60 billion of sovereign and state‑oil company bonds and a total liability that may exceed $150 billion. Venezuela has not paid its external debt since 2017, and the outcome of the restructuring will influence the nation’s fiscal sustainability and its ability to re‑enter international capital markets.

Centerview’s earlier appointment, made without a competitive process, raised concerns about transparency among investors and officials. Lazard’s lower‑cost offer reflects the high stakes for creditors seeking a resolution to one of the world’s largest sovereign defaults.