Mexico’s Libre Abordo announces bankruptcy, termination of swap with Venezuela

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Mexico-based company Libre Abordo on Sunday said it was bankrupt and that Venezuelan President Nicolas Maduro had terminated an oil-for-food agreement that had allowed the firm to exchange millions of barrels of Venezuelan crude for water trucks.
Libre Abordo and its related firm Schlager Business Group had traded millions of barrels of Venezuelan oil since 2019 under and oil-for-food pact with Maduro’s government, signed after the United Stated sanctioned Venezuela’s state firm PDVSA.
The Mexican companies were targets of an international political campaign, which had led to a loss of over $90 million, they said.
“In recent months (we) have faced excessive challenges, from the oil price fall… to pressure from the U.S. government aimed to stop our operations,” it said in a press release.

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