Latest news with #CitgoPetroleum
Reuters
2 days ago
- Business
- Reuters
Competing bid received in US auction of shares in Citgo's parent
Aug 8 (Reuters) - A U.S. federal court auctioning shares in the parent of Venezuela-owned U.S. refiner Citgo Petroleum to pay creditors for expropriations and debt defaults has received a competing bid, an officer overseeing the process said in a filing. A $7.4 billion bid by a group led by a subsidiary of Canadian miner Gold Reserve (GRZ.V), opens new tab was recommended last month as winner of the bidding round, but the judge must still decide whether to approve it, following objections by some creditors and competitors. Officer Robert Pincus notified the court on the "unsolicited bid," according to a filing late on Thursday. He did not disclose the date of submission or the bidder's name. Gold Reserve said on Friday in a release that in early July the court had authorized Pincus to engage with the bidder, identified as "Bidder B," and reactivated its access to a data room set with key information about Citgo. Since the unsolicited bid was received, Pincus "has consistently engaged with Bidder B regarding its progress in furtherance of the proposed transaction," and the bidder is now in active discussions with parties whose consent or agreement is required for the proposed transaction, Gold Reserve added in the release. However, Pincus has not so far deemed the new bid to be a proposal superior to the Gold Reserve group's recommended offer, the miner said.
Yahoo
2 days ago
- Business
- Yahoo
Competing bid received in US auction of shares in Citgo's parent
(Reuters) -A U.S. federal court auctioning shares in the parent of Venezuela-owned U.S. refiner Citgo Petroleum to pay creditors for expropriations and debt defaults has received a competing bid, an officer overseeing the process said in a filing. A $7.4 billion bid by a group led by a subsidiary of Canadian miner Gold Reserve was recommended last month as winner of the bidding round, but the judge must still decide whether to approve it, following objections by some creditors and competitors. Officer Robert Pincus notified the court on the "unsolicited bid," according to a filing late on Thursday. He did not disclose the date of submission or the bidder's name. Gold Reserve said on Friday in a release that in early July the court had authorized Pincus to engage with the bidder, identified as "Bidder B," and reactivated its access to a data room set with key information about Citgo. Since the unsolicited bid was received, Pincus "has consistently engaged with Bidder B regarding its progress in furtherance of the proposed transaction," and the bidder is now in active discussions with parties whose consent or agreement is required for the proposed transaction, Gold Reserve added in the release. However, Pincus has not so far deemed the new bid to be a proposal superior to the Gold Reserve group's recommended offer, the miner said. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
11-07-2025
- Business
- Reuters
Lightning strike causes tank fire at Citgo's Lake Charles refinery on Thursday
July 11 (Reuters) - Citgo Petroleum Corp ( said a lightning strike started a fire at a storage tank at its 459,800-barrel-per-day Lake Charles refinery in Louisiana on Thursday. The blaze was quickly extinguished on Thursday, and there were no injuries, the company said in an email statement on Friday. "All other parts of the refinery are operating normally," Citgo said.
Wall Street Journal
10-07-2025
- Business
- Wall Street Journal
Venezuela's Disputed Bond Complicates Citgo Sale
Bondholders are moving to block the forced sale of Venezuela's Citgo Petroleum, setting up a clash with some of the country's other creditors over control of its most valuable external asset. A group of bondholders owed some $1.7 billion by Citgo's ultimate parent company, Petróleos de Venezuela SA, has been excluded from the latest offer for the company. The group, referred to as the 2020 bondholders, had agreed to a deal in April with Citgo's previous leading bidder, Contrarian Capital-backed Red Tree Investments.
Reuters
10-07-2025
- Business
- Reuters
Bidder for Citgo parent Gold Reserve says happy with refiner's management
HOUSTON, July 10 (Reuters) - Executives of Toronto-listed Gold Reserve (GRZ.V), opens new tab said on Thursday the mining company is pleased with the performance of Venezuela-owned Citgo Petroleum's management, a sign that top company executives might remain if a bid by a Gold Reserve subsidiary for the refiner's parent is approved by a U.S. federal judge. A $7.4 billion bid by Gold Reserve's Dalinar Energy Corporation was recommended this month by a court officer overseeing a court-organized auction of shares. Delaware Judge Leonard Stark is expected to soon decide whether to approve it, while opposition from other bidders and creditors has emerged.
