On May 13, 2026, the Government of Venezuela announced the launch of its external debt restructuring. Several legal aspects of that process require consideration. This paper offers a general map of those aspects to help navigate the troubled waters of Venezuelan law. It does not propose a strategy for navigating that terrain, nor does it purport to resolve every legal problem it identifies. Given the complexity and unprecedented nature of Venezuela's case, this mapping is a necessary first step: it identifies the legal questions any restructuring must answer, how they relate to one another, and the order in which they must be addressed […]