UNITED STATES COURT OF APPEALS FOR THE SECOND CIRCUIT August Term, 2022 (Submitted: March 28, 2023 Decided: September 20, 2023) Docket Nos. 22-225-cv, 22-232-cv

RED TREE INVESTMENTS, LLC, Plaintiff-Appellee,

v. PETRÓLEOS DE VENEZUELA, S.A., Defendant-Appellant,

PDVSA PETRÓLEO, S.A., Defendant. ∗

Before: SACK, LOHIER, AND CARNEY, Circuit Judges.

In 2015 and 2016, Defendant-Appellant Petróleos de Venezuela, S.A. (“PDVSA”), an oil company wholly owned by the Bolivarian Republic of Venezuela, entered into two Note Agreements and a Credit Agreement with the predecessor-in-interest to now-Plaintiff-Appellee Red Tree Investments, LLC (“Red Tree”). † Between November 2017 and March 2018, PDVSA became delinquent on its obligations under the contracts. Red Tree’s predecessor-in- inter