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This is the second of a Spanish language three-case series (105-034-1 to 105-036-1). The case describes the moment when Cementaciones Petroleras Venezolanas has acknowledged the only way of overcoming its acute financial crisis is through a fresh capital investment, but neither shareholders nor local investors are willing to take the risk. A venture capital investor has made a proposal to purchase the company's debt at a substantial discount, a proposal that must be accepted by all company creditors. As the next step, the venture capitalist would make a debt-for-equity swap and take control of the company. The case gives information to value the company and estimate the debt discount rate Cementaciones Petroleras and the investor should submit to creditors, as well as evidence of all actors' bargaining power. Additionally, the case features elements to analyse management's current performance and its possible role after the debt is purchased.