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Venezuela Hires Centerview and Matthieu Pigasse to Lead Massive Debt Restructuring

The appointment puts a Paris-based Centerview team in charge of roughly $150–$200 billion of external obligations, raising questions about adviser selection and the path to creditor agreement.

Matthieu Pigasse auditionné à l'Assemblée nationale, lors de la commission d'enquête sur l'audiovisuel public, à Paris, le 2 avril 2026.
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Overview

  • The Venezuelan government confirmed it engaged Centerview, led publicly by French banker Matthieu Pigasse, to design a global restructuring of the country’s large external debt stock.
  • Centerview says it will present a macroeconomic framework and a debt sustainability analysis to creditors in June and aims for a restructuring deal by the end of this year or early 2027.
  • The debt package includes U.S.-listed bonds, bilateral loans notably from China and Russia, multilateral obligations and private creditors, which together complicate coordination and potential losses for lenders.
  • Rival banks and market participants have criticized the selection as opaque, citing no formal tender and reports that U.S.-linked figures advocated for Pigasse’s team; Pigasse’s ties to Venezuela and his attendance at a private White House event have intensified scrutiny.
  • Analysts warn that opaque Venezuelan fiscal data and the scale of expected write-downs—markets price many bonds near 40 cents on the dollar—will make negotiations hard and will determine whether relief restores investment, imports and services for Venezuelans.