I guess PDVSA offering PIK notes or similar, instead of cash, for the bonds maturing this year is not what PDVSA holders were hoping for.
I would have thought a forced rescheduling would also be a cross default trigger, below are the 2021s.
I dont think they can be considered a buy at any price until the politics changes, and at the moment the politics is deteriorating. The nationalisation word has also been mentioned in some quarters. If the USA bans Vene crude imports, then they may as well nationalise PDVSA and sell their oil to the Chinese and similar. At which point I would guess the PDVSA curve could trade in the single digits.