With the government owned oil co being the issuer, this looks like a pretty smart bet by Goldman.

If oilco does not default, great, you get a ridiculous discount and a high coupon.

If oilco does default, great, you have ample of collateral in tankers and other tangible assets you might be able to recover, so the recovery rate will be higher than the 30 cents that Goldman paid on the dollar. Also, whatever happens with the venezuelan government, the new government will also want to have a functional oilco.