While Vene-zuela’s recent national work stoppage -- instigated by Pdvsa managers -- slowed oil production and shook bondholders’ confidence in the company’s ability to service its $3.8 billion debt, Davila struggled just to do his job: He couldn’t get access to corporate accounting systems, the Internet or his e-mail. Worse, striking Pdvsa managers were undermining Davila by holding unauthorized conference calls with investors.
The 49-year-old CFO jetted several times from Caracas to New York and Miami to reassure investors, bankers and rating agencies. With the strike now over and a February debt payment taken care of, Davila sees signs of normalcy returning: “When we had a [conference] call in January, there were a very large number of people listening, but subsequent audiences have shrunk. There is a positive correlation between the number of people trying to get news and the number of people really concerned about the company.”
