US Authorizes Venezuela to Hire Advisers for Debt Talks

The US government authorized Venezuela to hire advisers for potential debt talks, a key step in the long-awaited path to restructure the country’s $60-billion pile of defaulted bonds. The notes soared after the announcement.

The US Treasury issued a license allowing Venezuela to engage advisers to prepare “debt restructuring options, proposals, and related supporting materials,” according to an update on its website on Tuesday. The measure — which covers legal and financial advisory, as well as consulting services — applies to the Venezuelan government and its entities, including state-owned oil company Petroleos de Venezuela SA.