The Negotiation Architecture: How Venezuela's $150 Billion Commercial Debt Restructuring Will Actually Work

CAC mechanics, creditor committee dynamics, exchange offer design, holdout litigation risk, and the inter-creditor architecture of the largest sovereign restructuring in history. This deep dive examines the full negotiation framework: from series-by-series voting constraints in Venezuela's fragmented bond stack to illustrative exchange offer terms, NPV haircut calibration, and the comparative precedents that will shape the deal.