French banker Matthieu Pigasse, head of Centerview’s French office, unexpectedly appeared at a private White House screening of a documentary praising Melania Trump on January 24, according to the Wall Street Journal. The event gathered a mix of celebrities, executives and public figures, including boxer Mike Tyson, Queen Rania of Jordan and Apple CEO Tim Cook. Pigasse’s presence was not tied to the film itself, but to a potential role in one of the most ambitious financial deals now taking shape: Venezuela’s debt restructuring.
The Venezuelan government’s debt is estimated at about $150 billion, and the country is also trying to rebuild credibility with international markets. Since January 3, when Venezuelan President Nicolás Maduro and his wife were captured by a U.S. military commando, Wall Street has been seeking access to the country as U.S. authorities have taken control of Venezuela’s oil production, which has long been the country’s main source of revenue. Bankers involved in any restructuring could earn substantial fees, while also positioning themselves favorably with Donald Trump if the effort succeeds.
Pigasse’s candidacy for the job was not obvious. He is politically far from Trump and his radio group has faced accusations of antisemitism, making his selection surprising to many in the financial world. Still, Centerview ultimately won the mandate to handle the restructuring, catching competitors off guard.
Pigasse had several advantages that helped him secure support. One was Mauricio Claver-Carone, Trump’s former special envoy for Latin America, who said he strongly backed Pigasse and Centerview to Delcy Rodríguez, Venezuela’s acting president. Claver-Carone said he had consulted both the State Department and the Treasury Department before expressing that support. Another was Pigasse’s connection to Fernando Sulichin, one of the producers of the Melania documentary, who personally invited him to the private screening and also maintains close ties with senior Venezuelan officials.
Pigasse also has a long relationship with Delcy Rodríguez, whom he met years ago during discussions about a possible sale of the state oil company. His ties to Venezuela go back to 2011, when he began working with the government under Hugo Chávez. Over the years, he advised Venezuelan authorities on debt and financial matters, building experience that now appears central to the country’s efforts to regain financial stability.
The Wall Street Journal described the prospective deal as potentially one of the largest debt restructurings ever, comparable to Greece’s crisis a decade ago. If successful, it would not only bring major fees to the banks involved, but also give them influence in one of the most politically sensitive financial transactions in the world.
