April 20 (Reuters) - A group of investors holding defaulted Venezuela bonds has formed a committee and selected restructuring specialist Millstein & Co as its financial adviser, according to a statement released by the New York-based financial firm on Friday.
The committee's formation is a sign that investors, who until now have been slow to move against Venezuela and its state oil company PDVSA over President Nicolas Maduro's failure to make interest payments on some $50 billion in publicly traded debt, may be gearing up for a legal fight.
"The committee has organized in order to be in a position to evaluate statements made by Venezuela and PDVSA with regard to their present situation and financial condition, to facilitate communication among bondholders and other stakeholders, and to consider financing alternatives under an appropriate policy scenario," the statement said.
Sources have told Reuters that the committee includes 12 of the 15 largest creditors. Millstein declined to elaborate on the statement.
The biggest holders of Venezuelan debt include UK asset manager Ashmore Group, as well as BlackRock Inc , T. Rowe Price Group Inc and Northern Trust Corp. (Reporting by Tracy Rucinski in Chicago; Editing by Christian Plumb and Sandra Maler)