Venezuela’s debt is different. About 60% of the country’s public foreign debt consists of bonds, with about half issued by the government and half by PDVSA. With few exceptions, government bonds have CACs, making it somewhat easier to address the holdout problem. PDVSA bonds have all been issued in the US and, as legally required of all corporate bonds, they do not contain CACs.

Venezuela’s debt is different. About 60% of the country’s public foreign debt consists of bonds, with about half issued by the government and half by PDVSA. With few exceptions, government bonds have CACs, making it somewhat easier to address the holdout problem. PDVSA bonds have all been issued in the US and, as legally required of all corporate bonds, they do not contain CACs.

https://www.project-syndicate.org/commentary/debt-restructuring-perils-for-venezuela-by-ricardo-hausmann-and-mark-walker-2-2016-10

ein must read !!!