Latest news with #Citgo
The Star
2 days ago
- Business
- The Star
TPG Angelo Gordon among new bidders in auction for Citgo assets
New York: Investment fund TPG Angelo Gordon is among the new bidders for Citgo Petroleum Corp's parent company as part of a court-supervised auction designed to compensate creditors of Venezuela whose assets were seized, according to people familiar with the matter. New York-based TPG Angelo Gordon has launched a so-called 'topping bid' for the shares of Citgo's US-based parent PVD Holding, according to the people, who asked not to be identified because they weren't authorised to speak publicly about the bid. TPG Angelo Gordon declined to comment last Friday. TPG agreed to acquire Angelo Gordon in May 2023 in a cash-and-stock deal valued at US$2.7bil. The bid is aimed at bettering a US$3.7bil offer by Red Tree Investments LLC for control of the refiner, which is Venezuela's largest foreign asset. Seeking more offers Red Tree's offer came after US Judge Leonard Stark in Wilmington, Delaware, shot down an earlier US$5.3bil lead bid by an affiliate of Elliott Investment Management because of flaws with the proposal. Robert Pincus – a lawyer tapped by Stark to oversee the auction – said in court filings he supported pushing back the deadline for topping offers like TPG Angelo Gordon's by 21 days in hopes it will lead to a 'more robust bidding process'. Stark granted the extension last Friday. Stark and Pincus are aiming to generate more money from the nearly year-long auction in hopes of satisfying more creditors' claims against Venezuela over the seizures initiated by late strongman Hugo Chavez. Collectively the creditors are owed more than US$20bil by the Venezuelan government and its state-owned oil company, Petroleos de Venezuela SA, or PDVSA, which controls Citgo. Those creditors include Crystallex International Corp, Exxon Mobil Corp, ConocoPhillips Co and Siemens AG. Lost assets The companies lost gold and oil assets in the seizures and obtained international arbitration awards against the country. Investment manager Oaktree Capital Management LP is providing financing for multiple bidders, according to a person familiar with the matter who is not authorised to speak publicly. Oaktree's involvement hasn't been previously reported. The firm has more than US$200bil in assets under management and has experience in distressed debt and special situations. 'The court wants the best offer, even if that bidder is late to the game,' said Jason Keene, a strategist at Barclays who follows the auction process. Bidders are interested in the refineries Citgo runs in the United States as well as its pipelines, terminals and fuel-distribution channels. The battle goes back to the fallout from Chávez's decision to nationalise different industries as part of his socialist agenda. Chávez died in 2013 and was succeeded by Nicolás Maduro. In 2019, the US government gave the reins of the refinery to the opposition-led National Assembly, then presided by Juan Guaido, whom the United States and other governments formerly recognised as the country's legitimate leader as opposed to Maduro. A Florida congresswoman has asked US Secretary of State Marco Rubio to halt the Citgo auction to preserve the political opposition's control of the asset. Maria Elvira Salazar, a Republican who represents part of Miami, asked Rubio to stop any sale. 'Citgo needs to remain in hands of the opposition in order to be able to reconstruct Venezuela after the regime falls,' she wrote in a May 29 letter to Rubio. — Bloomberg
Yahoo
2 days ago
- General
- Yahoo
Two injured in shooting at west Houston gas station, police say
The Brief Police believe the shooting happened at the Citgo gas station on Windswept Lane on Saturday night. One victim went into surgery and is said to be in critical condition. Police are expected to release information about a suspect. HOUSTON - Two men were sent to a hospital Saturday following a shooting at a gas station in west Houston, police say. What we know Police believe the shooting happened at the Citgo gas station in the 6300 block of Windswept Lane, Officers were called at about 9:30 p.m. on Saturday. When they arrived, they found a man with multiple gunshot wounds. HPD Lt. Ali says the man went into surgery and is believed to be in critical condition. Shortly after, another person came to the hospital and was believed to have been shot at the same scene. Police say that person was not critically injured. Investigators with HPD Major Assaults Division will investigate the shooting. What we don't know No one involved in this shooting has been identified at this point. Police say they will release a suspect description soon. There is no information on the motive behind the shooting. The Source OnScene and Houston Police Lt. Ali.
National Post
4 days ago
- Business
- National Post
Delaware Court Further Extends Topping Period for Citgo Sale Process to June 18, 2025; Confirms Other Deadlines
Article content PEMBROKE, Bermuda — Gold Reserve Ltd. (TSX.V: GRZ) (OTCQX: GDRZF) (' Gold Reserve ' or the ' Company ') announces that today the U.S. District Court for the District of Delaware (the ' Court ') issued an order that further extended the Topping Period for submitting bids for the purchase of the shares of PDVH, the indirect holding company of Citgo Petroleum, to June 18, 2025. The order granted a motion by the Venezuela Parties (Citgo Petroleum, PDVH, PDVSA and the Republic of Venezuela) to extend the Topping Period, which motion was supported by Vitol, Inc., Rusoro Mining Ltd., the Company, and the Special Master appointed by the Court to oversee the sale process. Article content Article content The Court also confirmed the following additional deadlines for the Sale Process: (a) the deadline for the Special Master to submit his Final Recommendation is June 27, 2025; (b) the deadline for the filing of any objections to the Special Master's Final Recommendation is July 3, 2025; (c) the deadline for the filing of responses to objections to the Special Master's Final Recommendation is July 11, 2025; (d) the deadline for the filing of replies regarding any objections to the Special Master's Final Recommendation is July 16, 2025; (e) the Special Master shall submit a Joint Status Report by July 16, 2025; (f) the discovery period shall conclude on July 18, 2025; and (g) the Sale Hearing shall commence on July 22, 2025. Article content The Court also directed the Special Master to meet and confer with the parties regarding a schedule for discovery relevant to objections to the Special Master's Final Recommendation and file a proposed discovery schedule accounting for the extension of the Topping Period. Article content A copy of the orders issued by the Court can be found here and here. Article content A complete description of the Delaware sale proceedings can be found on the Public Access to Court Electronic Records system in Crystallex International Corporation v. Bolivarian Republic of Venezuela, 1:17-mc-00151-LPS (D. Del.) and its related proceedings. Article content This release contains 'forward-looking statements' within the meaning of applicable U.S. federal securities laws and 'forward-looking information' within the meaning of applicable Canadian provincial and territorial securities laws and state Gold Reserve's and its management's intentions, hopes, beliefs, expectations or predictions for the future. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management at this time, are inherently subject to significant business, economic and competitive uncertainties and contingencies. They are frequently characterized by words such as 'anticipates', 'plan', 'continue', 'expect', 'project', 'intend', 'believe', 'anticipate', 'estimate', 'may', 'will', 'potential', 'proposed', 'positioned' and other similar words, or statements that certain events or conditions 'may' or 'will' occur. Forward-looking statements contained in this press release include, but are not limited to, statements relating to any bid submitted by the Company for the purchase of the PDVH shares (the ' Bid '). Article content We caution that such forward-looking statements involve known and unknown risks, uncertainties and other risks that may cause the actual events, outcomes or results of Gold Reserve to be materially different from our estimated outcomes, results, performance, or achievements expressed or implied by those forward-looking statements, including but not limited to: the discretion of the Special Master to consider the Bid, to enter into any discussions or negotiation with respect thereto and that the Special Master may reject the Bid at any time; the Special Master may choose not to recommend a Base Bid or Final Bid to the Court; the failure of the Company to negotiate the Bid, including as a result of failing to obtain sufficient equity and/or debt financing; that Bid submitted by the Company will not be selected as the 'Base Bid' or the 'Final Recommend Bid' under the Bidding Procedures, and if selected may not close due to the Sale Process not being completed, including as a result of not obtaining necessary regulatory approval to close on the purchase of the PDVH shares, including but not limited to any necessary approvals from the U.S. Office of Foreign Asset Control (' OFAC '), the U.S. Committee on Foreign Investment in the United States, the U.S. Federal Trade Commission or the TSX Venture Exchange; failure of the Company or any other party to obtain any required shareholders approvals for, or satisfy other conditions to effect, any transaction resulting from the Bid; that the Company forfeit any cash amount deposit made due to failing to complete the Bid or otherwise; that the making of the Bid or any transaction resulting therefrom may involve unexpected costs, liabilities or delays; that, prior to or as a result of the completion of any transaction contemplated by the Bid, the business of the Company may experience significant disruptions due to transaction related uncertainty, industry conditions, tariff wars or other factors; the ability to enforce the writ of attachment granted to the Company; the timing set for various reports and/or other matters with respect to the Sale Process may not be met; the ability of the Company to otherwise participate in the Sale Process (and related costs associated therewith); the amount, if any, of proceeds associated with the Sale Process; the competing claims of other creditors of Venezuela, PDVSA and the Company, including any interest on such creditors' judgements and any priority afforded thereto; uncertainties with respect to possible settlements between Venezuela and other creditors and the impact of any such settlements on the amount of funds that may be available under the Sale Process; and the proceeds from the Sale Process may not be sufficient to satisfy the amounts outstanding under the Company's September 2014 arbitral award and/or corresponding November 15, 2015 U.S. judgement in full; and the ramifications of bankruptcy with respect to the Sale Process and/or the Company's claims, including as a result of the priority of other claims. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. For a more detailed discussion of the risk factors affecting the Company's business, see the Company's Management's Discussion & Analysis for the year ended December 31, 2024, and other reports that have been filed on SEDAR+ and are available under the Company's profile at Article content Investors are cautioned not to put undue reliance on forward-looking statements. All subsequent written and oral forward-looking statements attributable to Gold Reserve or persons acting on its behalf are expressly qualified in their entirety by this notice. Gold Reserve disclaims any intent or obligation to update publicly or otherwise revise any forward-looking statements or the foregoing list of assumptions or factors, whether as a result of new information, future events or otherwise, subject to its disclosure obligations under applicable rules promulgated by the Securities and Exchange Commission and applicable Canadian provincial and territorial securities laws. Article content Article content Article content Article content Article content Article content
Bloomberg
4 days ago
- Business
- Bloomberg
TPG Angelo Gordon Among New Bidders in Auction for Citgo Assets
Investment fund TPG Angelo Gordon is among the new bidders for Citgo Petroleum Corp. 's parent company as part of a court-supervised auction designed to compensate creditors of Venezuela whose assets were seized, according to people familiar with the matter. New York-based TPG Angelo Gordon has launched a so-called 'topping bid' for the shares of Citgo's US-based parent PVD Holding, according to the people, who asked not to be identified because they weren't authorized to speak publicly about the bid.
Yahoo
4 days ago
- General
- Yahoo
Police: Old Forge man burglarized Wayne County home, assaulted homeowner
An Old Forge man was charged with attacking a man in his Wayne County home and throwing a vacuum cleaner through a kitchen window. State police Trooper Ryan Joyce charged Curtis A. Strunk, 42, with multiple counts of felony aggravated assault and burglary, and a single count of felony criminal trespassing and conspiracy to commit aggravated assault. Troopers and paramedics responded to the Lehigh Twp. home during the early morning hours April 30 for a reported burglary in progress. They arrived to find the victim covered in blood, slipping in and out of consciousness, Joyce wrote in a criminal complaint. Authorities did not identify the victim, who was taken to Geisinger Community Medical Center in Scranton. During a search, Joyce found blood inside and outside the home and items strewn about the kitchen. The victim's daughter's boyfriend, who was in the home at the time, told troopers he was asleep when he heard a bang and came downstairs to find the victim covered in blood with lacerations on his head, according to the complaint. The victim's family members also told police two people exited the residence and threw a vacuum cleaner through the kitchen window. The boyfriend added he saw the front door forced open and two men on the street outside yelling. The victim's son told troopers he found two men, one of them on top of the victim, punching him. The victim grabbed a metal chair to defend himself and eventually got both men out of the house, according to the complaint. He then saw a vacuum come through the kitchen window. In an interview at the hospital, the victim told troopers he awoke to the sound of his dog barking and when he went downstairs, saw two men enter his residence, who then assaulted him, according to the complaint. The victim and his son forced the two men outside and the fighting continued, the complaint said. One of the responding troopers said in the complaint he had seen one of the men involved in the incident, Thomas Hermann, at a Citgo gas station in the township the day before the incident, and video surveillance footage from the store confirmed he was there. The victim later identified Strunk from a Facebook profile picture. Hermann was taken into custody May 1 and placed himself at the scene during an interview with troopers. He told them Tuesday he and Strunk arrived at the home on April 30, with Strunk kicking in the front door and assaulting the victim with a chair. Hermann also told troopers Strunk threw the vacuum cleaner through the window. The victim's relatives informed troopers they believed the incident began earlier at the Ariel View Inn when the victim took the apparel off one of the men involved in the burglary, threw the clothing on the ground and said 'someone should get a black eye.' Joyce also charged Strunk with two counts of simple assault, harassment and criminal mischief. Magisterial District Judge Bonnie Carney arraigned him on the charges Wednesday and set bail at $100,000, which he was unable to post. Strunk was taken to the Wayne County Correctional Facility, with a preliminary hearing scheduled for Wednesday.
