US investment bank Lazard has submitted a $25 million bid to replace Centerview Partners as Venezuela’s financial adviser for the country’s ongoing sovereign debt restructuring, a source familiar with the matter told Reuters on Sunday. This restructuring effort encompasses both Venezuela’s sovereign debt and that of its state oil company, PDVSA, and is considered one of the largest of its kind.

Venezuela announced in May that it had appointed Centerview, also a US-based firm, as its financial adviser. Following this announcement, bond prices showed improvement. However, Venezuela’s government reiterated on Sunday that Centerview remains its official financial adviser despite Lazard’s bid.

The proposed fee from Lazard is significantly lower than the at least $150 million Centerview was reportedly negotiating to receive from the Venezuelan government as recently as last month, according to Bloomberg reports. In response to inquiries, Venezuela’s Ministry of Communication and Information expressed gratitude towards Lazard and other firms for their interest in supporting the debt restructuring process but did not comment on any potential changes to Centerview’s role.

A spokesperson for Lazard declined to comment on the bid, while Centerview stated that its engagement terms would be determined based on market rates.

The bid highlights a notable competition between international investment banks amid complex sovereign debt negotiations that Venezuela faces as it seeks to address its financial obligations. At this stage, the Venezuelan government appears to be maintaining its arrangement with Centerview while evaluating offers from other interested parties.