The Creditor Hierarchy: Comparative Recovery Analysis Across Venezuela's Eight Claim Classes

Comparative recovery analysis across Venezuela's eight claim classes: bondholders, arbitration claimants, bilateral lenders, suppliers, multilaterals, and domestic creditors. The aggregate $150 to $170 billion claim stack conceals more than it reveals. The relevant analysis is structural: how each class is positioned legally, contractually, and politically; what each can realistically extract under the alternative scenarios; and how the claims of one class accelerate or constrain the recovery of the others.