📰 NEWS | US Judge Authorizes Sale of Venezuela’s CITGO to Vulture Fund Elliott
Venezuela is set to lose its most important foreign asset after a protracted legal process in which the US-backed opposition faced accusations of malfeasance.
Delaware District Judge Leonard P. Stark has approved the US $5.9 billion sale of CITGO to Amber Energy, an Elliott Management affiliate, concluding the court-mandated auction launched in 2022. The proceeds will be distributed on a “first come, first served” basis. Crystallex, ConocoPhillips, Rusoro Mining and other corporations are expected to receive full compensation on their claims.
Read the full report here 👉🏾https://shorturl.at/aqgOr
#Citgo
📰 NEWS | Venezuela: Delaware Judge Dismisses Disqualifying Motions Ahead of CITGO Sale Ruling
Delaware Judge Leonard P. Stark dismissed motions seeking his removal, as well as that of Special Master Robert B. Pincus and the advisory firms involved in the CITGO auction. Gold Reserve’s request for a stay was also rejected.
The decision maintains Amber Energy as the favored bidder. Stark is expected to rule on objections to the Amber bid before the end of November, setting the stage for a potential takeover of CITGO in the first half of 2026.
Read the full report here 👉🏾https://shorturl.at/mpWqF
#Citgo
📰NEWS | Venezuela: Court-Mandated CITGO Sale Edges Closer to Completion as Judge Backs Elliott Bid
Delaware court backs Amber Energy’s $8B bid for CITGO. Amber will sign a binding agreement outlining the transfer of ownership of Venezuela’s US-based refiner. The sale awaits US approval and may not close before 2026.
👉🏽 Read the full report here: https://venezuelanalysis.com/news/venezuela-court-mandated-citgo-sale-edges-closer-to-completion-as-judge-backs-elliott-bid/
#CITGO
📰 NEWS | Venezuela: CITGO Court-Mandated Sale in Upheaval Following Last Minute Bids
The court-ordered sale of CITGO has taken a turn after late bids from Vitol ($8.5B) and Elliott Management ($8.8B) surpassed the $7.4B offer from Gold Reserve recommended by court-appointed Special Master Robert B. Pincus.
The Delaware auction, initiated to satisfy creditor claims, has Crystallex, Tidewater, ConocoPhillips, and O-I Glass first in line. Both new bids could cover more claims and include settlements with PDVSA 2020 bondholders. Judge Leonard P. Stark will decide on a revised schedule this Friday.
🔗 Read the full report here: https://shorturl.at/SMCmn
#CITGO
📰 NEWS | Gold Reserve $7.4B Bid Picked as Preliminary Winner of Auction for Venezuela’s CITGO
Canadian mining firm Gold Reserve has been selected as the preliminary winner in the Delaware court-ordered sale of CITGO’s parent company, PDV Holding. Its $7.38 billion offer, supported by major banks and creditors, was deemed the highest bid meeting court requirements.
The proposal could settle 11 of 15 accepted claims, including those by Crystallex, ConocoPhillips, and others. Judge Leonard Stark will review the bid ahead of a final hearing set for August 18.
🔗 Read the full report here: https://shorturl.at/qrWmW
#Citgo
📰 NEWS | Venezuela: Delaware Court Extends CITGO Bidding Deadline as New Suitors Emerge
A Delaware court has pushed the CITGO bidding deadline to June 18 as new suitors, including Gold Reserve and Vitol, submitted offers. The final sale hearing is set for July 22.
Meanwhile, Florida Rep. María Elvira Salazar urged the Trump administration to block the 'forced sale' to retain control of the asset through the US-backed Venezuelan opposition.
🔗 Read the full report here: https://venezuelanalysis.com/news/venezuela-delaware-court-extends-citgo-bidding-deadline-as-new-suitors-emerge/
#CITGO
📰 NEWS | Venezuela: CITGO Auction Enters Final Stage as Court Picks ‘Stalking Horse’ Offer
The Delaware court has approved a $3.7 billion stalking horse bid from Red Tree Investments for the U.S.-based refiner CITGO. The move sets a floor price in the auction aimed at addressing $21.3 billion in creditor claims against Venezuela.
The decision prioritized Red Tree’s proposed settlement with PDVSA 2020 bondholders, despite a higher $7.1 billion bid from a creditor consortium. A final sale hearing is scheduled for July.
🗞️ Full report via: https://shorturl.at/NVK2v
#Citgo
The Delaware court has overhauled the CITGO auction process following backlash over Elliott Management’s $7.3 billion bid. Crystallex, Red Tree, and Gold Reserve are exploring new proposals as potential bidders prepare for the December 18 relaunch. The final sale hearing is expected in May 2025.
Read the full report here 👉🏼https://shorturl.at/ceU7o
#Citgo
Venezuela’s US-based oil subsidiary CITGO nears a final sale as 18 creditors, including Crystallex and ConocoPhillips, seek to collect $21.3B in debts. The final decision is expected by mid-July.
Read the full story here: https://shorturl.at/ACYIw
#Citgo
CITGO's auction process advances, with 18 corporations attaching claims totaling $21.3 billion, surpassing CITGO’s valuation of $13 billion. Binding offers are expected in the second bidding round, under the oversight of Evercore. Venezuela is set to lose its most prized foreign asset.
Learn more: https://shorturl.at/zNSTZ
#CITGO
The court-mandated sale of Venezuelan refiner CITGO is facing obstacles from parallel lawsuits as some claimants try to "jump the line." The “special master” overseeing the auction has requested that creditors be barred from pursuing separate court claims.
Read the report: https://venezuelanalysis.com/news/venezuela-parallel-lawsuits-controversial-terms-entangle-citgo-sale/
#CITGO#Sanctions#VultureFunds
The $7.3 billion offer from the notorious vulture hedge fund falls significantly short of the CITGO's valuation. The process may still face delays and challenges from parallel lawsuits.
Read the report: https://venezuelanalysis.com/news/venezuela-vulture-fund-elliott-chosen-as-winner-of-citgo-court-mandated-auction/
#CITGO#VultureFunds#Sanctions