Insiders say that Venezuela's main creditor group will appoint Huarlian as an advisor.

Two sources said on Monday that a major group of Venezuela's default sovereign bondholders is preparing to appoint Houlihan as financial advisor. The Venezuelan government and state-owned oil company defaulted on about $60 billion in bonds in 2017, while the country's total external debt, including other debts, bilateral loans, and arbitration awards, is estimated to be between $150 billion and $170 billion. The Venezuelan Creditor Committee said on January 9 that once authorized to negotiate debt restructuring, the committee is ready to begin negotiations. Currently, U.S. sanctions prohibit contact with the Venezuelan government without exemptions or special permissions.