OCTOBER 20, 2016

PDVSA crisis is bad news for Maldonado

Pastor Maldonado's hopes of returning to F1 appear slim, given the latest news emerging from Venezuela.

Pastor Maldonado's hopes of returning to F1 appear slim, given the latest news emerging from Venezuela.

The former Williams and Lotus driver's seats were backed strongly by PDVSA, the government-run oil giant and embattled Venezuela's primary source of income.

Maldonado, 31, attended the Monaco grand prix this year - where he lives - and he admitted he is "looking around" for a 2017.

But amid a cash crisis in Venezuela, PDVSA have been frantically negotiating with investors to push back debt repayments, but the company warned this week that time is running out and it could default.

"If the exchange offers are not successful, it could be difficult for the company to make scheduled payments on its existing debt," PDVSA confirmed.

(GMM)