Most of this debt will be forgiven or given a significant haircut.

The legal term is odious debt and it has a long history of debt taken out by dictators being forgiven once the dictator has been removed.

The IMF will normally make a ruling on this as to if the debt is odious or not but given how a few big hedge funds that normally go after discounted debt have recently dumped a chuck of Venezuela's debt the writing is on the wall as they say.

I'm not a government credit expert but what analysts are saying to expect 60-75% of the debt to be restructured, not forgiven, in terms of a 50% hair cut.

The debts owed to oil companies secured by oil infrastructure is less likely to be written off as Venezuela will need foreign help to rebuild their oil infrastructure form these same companies, giving them a fair bit of leverage here:)