Pastor Maldonado's hopes of returning to Formula One are dwindling.
The former Williams and Lotus driver was backed by Venezuelan state oil firm PDVSA throughout his F1 career.
Maldonado, 31, was spotted at the Monaco Grand Prix this year, where he admitted he was "looking around" for a 2017 drive.
But a cash crisis in Venezuela has left PDVSA struggling to pay back debts and it has been warned it could default.
"If the exchange offers are not successful, it could be difficult for the company to make scheduled payments on its existing debt," PDVSA confirmed.
Bahrain International Circuit - Winter testing