A group of private creditors holding Venezuela bonds has begun hiring a financial adviser. This move signals a new phase in efforts to restructure the country's massive $60 billion debt. The creditor group is stepping up its coordinated approach after years of stalled negotiations and default.

Venezuela's economic collapse, fueled by oil price crashes and political turmoil, has left it unable to meet its foreign debt obligations since 2017. The government and opposition remain divided on terms, complicating any deal. Creditors aim to recover value from bonds that have traded at deep discounts for years.

The adviser's role will be to evaluate the country's finances and propose a restructuring framework. Success could unlock new financing and stabilize Venezuela's economy. Failure risks prolonged litigation and further capital flight. All parties will watch for the adviser's selection and initial recommendations in coming months.