Aethel Partners forms Venezuela commercial claimholders committee

Aethel Partners LLP has convened a committee for holders of commercial and other non-bond claims against Venezuela, PDVSA and other state-owned entities. The move gives suppliers, contractors, trade creditors and arbitration-award holders a coordinated voice as Venezuela’s debt restructuring advances.

Why it matters: - The committee gives commercial and other non-bond creditors a formal forum in Venezuela’s debt restructuring. - The group is meant to help these creditors have their claims represented alongside other creditor constituencies. - Commercial creditors have not had organized representation comparable to sovereign bondholders until now.

What happened: - Aethel Partners LLP convened the Venezuela Commercial Claimholders Committee for holders of non-bond claims. - Miller & Chevalier Chartered is counsel to the committee. - The committee covers claims against the Bolivarian Republic of Venezuela, Petróleos de Venezuela, S.A. (PDVSA) and other Venezuelan state-owned entities. - Aethel said holders of commercial and other non-bond claims may contact the firm about joining the committee.

The details: - The committee constituency includes trade creditors, suppliers, contractors, construction and infrastructure claimants, energy-sector creditors, and holders of arbitration awards, court judgments and acknowledged debts. - The committee is intended to engage with the Republic and its advisers as restructuring progresses. - The committee will seek to ensure these creditors’ interests and claims are appropriately represented and considered. - Brian Jarmain, managing director of Aethel Partners, said commercial creditors represent a significant and distinct part of Venezuela’s creditor base. - Jarmain said many of these creditors supplied infrastructure development materials and services, energy production services, and other materials and services to Venezuela over many years. - The Republic appointed Centerview Partners as financial adviser in May 2026. - Sovereign bondholders are represented by the Venezuela Creditor Committee, which retained Orrick, Herrington & Sutcliffe as legal adviser and Houlihan Lokey as financial adviser.

Between the lines: - The committee fills a gap in Venezuela’s restructuring process by organizing a creditor group that had previously lacked a unified voice. - The formation suggests commercial claimholders are positioning themselves to press for recognition as restructuring talks advance. - The creditor landscape now appears more segmented, with bondholders and commercial claimholders represented through separate channels.

What's next: - Aethel Partners is inviting holders of qualifying claims against Venezuela, PDVSA or other state-owned entities to reach out about participation. - The committee is expected to begin engaging with the Republic and its advisers as the restructuring moves forward. - The outcome for commercial creditors will depend on how Venezuela structures negotiations with different creditor groups.

The bottom line: - Venezuela’s commercial creditors now have an organized committee and legal counsel as the country’s debt restructuring gains structure.