New York judge says Venezuela's PDVSA must pay $2.86 billion to bondholders

A New York judge who last month confirmed the validity of defaulted Venezuelan bonds ruled on Friday that Venezuela's state oil firm PDVSA must pay $2.86 billion to the bondholders, according to a court filing.

The bonds are collateralized with equity in Citgo, PDVSA's Houston-based refining arm. The decision from the Southern District of New York has been long expected by creditors aiming to cash compensation from debt defaults, but is expected to be challenged by Venezuela.