New York-based Centerview Partners negotiated a contract to act as the sole financial adviser for Venezuela's debt restructuring. A draft agreement suggests a success fee of 0.1% of the total debt, which could reach $200 million given estimated debt loads between $150 billion and $200 billion. This payout would far exceed historical sovereign deals.

Centerview disputed these figures, claiming the numbers overstate the terms. However, the draft also included a monthly retainer of $750,000 plus expenses. For comparison, Lazard received a capped $25 million for Greece's 2012 rework. The scale of this potential fee reflects the complexity of a nation that stopped releasing reliable debt statistics.

Venezuela seeks to regain international capital market access after a decade of default and hyperinflation. Centerview must manage conflicting interests among bilateral lenders like China, multilateral institutions, and bondholders advised by Houlihan Lokey. The firm will produce the economic reports and debt-sustainability analyses necessary to determine creditor recoveries.

Legal counsel Hogan Lovells is also involved, receiving a $100,000 monthly retainer for lobbying and legal services. Current bond prices suggest investors expect to recover about 30% of their claims. This process involves negotiating with a sprawling group of creditors including ConocoPhillips and various defaulted bondholders.