A committee of Venezuelan creditors on Thursday ruled that state oil company PDVSA has defaulted on its debt, a decision that could trigger a payment of default insurance to investors.

The committee of the International Swaps and Derivatives Association (ISDA) examined three missed bond payments and ruled that "a Failure to Pay Credit Event had occurred," according to a statement.

However, the committee said "more detailed analysis will be forthcoming," and it would reconvene Monday afternoon to continue discussions.

Source:AFP