A U.S. court-organized auction of shares in the parent company of Venezuela-owned Citgo Petroleum has entered its final stages, with bidders submitting improved offers for the U.S. refiner and creditors hoping to recover a portion of the proceeds, Reuters reported. The auction stems from an eight-year-old case that Canadian miner Crystallex initiated in Delaware against Venezuela. The court found Citgo's parent, PDV Holding, liable for Venezuela's debts and expropriations, paving the way for over a dozen other creditors to pursue compensation of nearly $19 billion.
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Groups led by affiliates of Contrarian Funds, Gold Reserve and Vitol are working on improved offers for the parent of Venezuela-owned refiner Citgo Petroleum as the list of potential bidders narrows, Reuters reported. The three consortia, which participated in an earlier competition for setting a starting bid, have been in talks with banks to secure the financing needed for their offers in the court-organized auction of shares.
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A U.S. federal judge on Monday confirmed a $3.7 billion offer by Contrarian Funds' affiliate Red Tree Investments as the starting bid in an auction of shares in the parent of Venezuela-owned refiner Citgo Petroleum to pay creditors and bondholders, according to a court filing, Reuters reported. The offer had been recommended by a court officer overseeing the auction due to its certainty of closure.
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The coming auction for Venezuela’s Citgo Petroleum could leave its buyer on the hook to other creditors of the South American country, a stumbling block for the court-ordered sale, WSJ Pro Bankruptcy reported. Citgo, among the largest U.S.-based oil refiners, is being auctioned to cover debts owed by its owner, the bankrupt Venezuelan government. Bidders are contending with the risk that U.S. courts could hold Citgo responsible for judgments held by Venezuela’s bondholders and other creditors.
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Lawsuits by three firms seeking to improve their chances of obtaining proceeds in an auction of shares in Citgo Petroleum's parent can go ahead, a U.S. judge ruled in an order issued on Monday, Reuters reported. The decision could reduce the proceeds of any sale, the court officer overseeing the auction in federal court in Delaware had said in a motion seeking to block the parallel lawsuits. Shares in Citgo parent PDV Holding are being auctioned to repay $21 billion in claims for debt defaults and expropriations by Venezuela and state oil firm PDVSA. PDV is a U.S.
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Court advisers have billed nearly $30 million for a stalled auction of shares in a parent of Venezuela-owned oil refiner Citgo Petroleum, raising the ire of creditors that have waited years to get compensation, Reuters reported. Citgo, the crown jewel of Venezuela's overseas assets, sits at the center of a Delaware court auction in which 18 companies seek to collect up to $21.3 billion for debt defaults and expropriations in the South American country.
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A group of investors led by Elliott Investment Management faces new obstacles to taking control of Venezuela’s oil refiner Citgo Petroleum in a court-ordered auction while seeking to shield themselves from legal claims against the cash-strapped country, WSJ Pro Bankruptcy reported. Judge Leonard P. Stark of the U.S. District Court in Wilmington, Del., said in an order on Wednesday he isn’t inclined to let the sale proceed without preserving the legal liabilities.
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Key terms of a proposed court agreement with a U.S. hedge fund seeking to gain control of oil refiner Citgo Petroleum from Venezuela would lock in the fund's low-ball bid, the company's creditors said in new court filings against the deal, Reuters reported. The backlash to Elliott Investment Management's wholly-owned Amber Energy's offer ends any chance this year of a change to Citgo's ownership to satisfy debt defaults and expropriations by Venezuela.
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Holders of billions of dollars in Venezuelan bonds and notes have emerged as last-minute protagonists in a U.S. court case set to decide the ownership of oil refiner Citgo Petroleum, threatening to derail an auction to compensate more than a dozen companies for unpaid debts and expropriations by the country, Reuters reported. At least two groups of holders have resorted to other U.S. courts to enforce their claims, pursuing the same Citgo assets that industrial conglomerates, mining and oil firms have been pursuing for years.
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