Venezuela Economic Outlook

Holland & Knight LLP

Here is our biweekly summary of recent economic developments in Venezuela:

• The Venezuelan local press reported that two Chilean companies, Alimentos y Frutos S.A., and Empresas Carozzi S.A., requested before Venezuelan courts the bankruptcy and judicial occupation of the assets of the multinational food company Del Monte Andina C.A. due to the non-payment of debts with its international suppliers. Del Monte clarified that it is not bankrupt. In February 2015, the Venezuelan operation of Del Monte Andina was deconsolidated from the financial statements of its parent company Del Monte Foods Holdings Limited, at that time recognizing a loss of $5.2 million due to deconsolidation.

• De La Rue PLC, a British paper, and paper money supplier, reported losses of 18.1 million pounds (approximately $23 million) after the Central Bank of Venezuela reported problems with the payment of bills, apparently due to restrictions on transfers of funds due to sanctions imposed on Venezuela by the U.S. ...

Please see full Update below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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