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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Venezuela
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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Elliott Investment Management and other U.S. investors have been named as the winning bidder in a court-ordered auction for control of Venezuela’s oil refiner Citgo Petroleum designed to pay down the bankrupt country’s debts, WSJ Pro Bankruptcy reported. A special master appointed to sell Venezuela’s shares in Citgo’s parent company is expected to designate a bid backed by Elliott as the best offer following a monthslong auction process overseen by a federal judge, they said.
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Elliott Investment Management is the leading bidder in a U.S. court-ordered auction of the parent company of Venezuelan-owned refiner Citgo Petroleum Corp., Bloomberg News reported. Elliott was competing against bidders including independent refiner Vitol Group and Canadian miner Gold Reserve Inc., which was working on a joint bid with billionaire Carl Icahn’s CVR Energy. Elliott has now been granted exclusivity to negotiate a deal. The auction process has been long and winding, and Elliott’s emergence as the top contender doesn’t necessarily mean it will end up with the asset.
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