Investment bank Lazard Inc. is making a late bid to dislodge rival Centerview Partners as Venezuela’s financial adviser, offering to oversee one of the largest-ever sovereign debt restructurings for a sharply lower fee.
In a letter sent Friday to interim Venezuelan President Delcy Rodríguez, Lazard proposed a fee of $25 million, according to a copy seen by Bloomberg. The offer is a fraction of the sum of at least $150 million Centerview was negotiating with the government as recently as last month, when it was announced as Venezuela’s sole financial adviser.
