Who gets Venezuela's next barrel?

Until recently, the subject of claim priorities in sovereign debt restructuring was mostly confined to academic journals. For better or worse, creditors had acted as if they were equal—or pari passu. No more. Venezuela's creditors are poised for a global asset "grab race" that could make its debt restructuring not only the biggest but also the messiest in history. The defining question is their place in queue: Who gets the marginal dollar from each additional barrel of recovering oil production?

Source: Peterson Institute (PIIE)