Latest news with #Venezuela-owned
Yahoo
7 days ago
- Business
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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
Yahoo
10-07-2025
- Business
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Holders of Venezuelan bond ask New York court to protect their rights
By Marianna Parraga (Reuters) -Holders of a key bond defaulted by Venezuela's state oil company PDVSA asked a New York judge on Thursday to ensure they can claim compensation from proceeds expected in an auction of shares in the parent of Venezuela-owned U.S. refiner Citgo Petroleum. The holders' case in New York about the validity of their claim against Venezuela has not been resolved, but if they secure an injunction in the meantime, they could ultimately block the transfer of shares in Citgo's parent PDV Holding to the auction's winner. A $7.4 billion bid for PDV Holding submitted by a group led by a unit of miner Gold Reserve was recommended last week as the auction's winner by a court officer overseeing the bidding round in Delaware. The court-organized auction aims to pay back Venezuela's creditors after the South American country's debt defaults and expropriations. But contrary to some competing offers, the Gold Reserve group's bid does not include an agreement to pay the bondholders. The holders are getting ready to move with an injunction if the Gold Reserve group's offer is ultimately approved in Delaware under the proposed terms. "We don't want to interfere with the sale," Christopher Clark, who represents the holders, told Judge Katherine Polk Failla from the Southern District of New York, in a court hearing. "All we are trying to do is to protect our rights. Delaware is not the proper forum for that." Federal Judge Leonard Stark must decide whether to approve the recommended bid in coming weeks. Stark had anticipated that the bondholders' opposition to the Gold Reserve group's proposed transaction for Citgo's parent could lead to increased litigation in the 8-year case, which saw a failed first bidding round last year. In late June, lawyers representing the holders told Polk Failla they would seek relief, including through an injunction, to preserve their status quo while the New York court decides on their case. The hearing on Thursday was to explain the planned injunction request. Sign in to access your portfolio
Yahoo
25-06-2025
- Business
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Black Lion submits $8 billion cash bid for Citgo's parent, filing says
HOUSTON (Reuters) -Black Lion Citgo Group, an affiliate of private equity firm Black Lion Capital Advisors, submitted a $8-billion all-cash bid for the parent of Venezuela-owned refiner Citgo Petroleum as part of a court-organized auction of shares, the company said in a court filing released on Wednesday. Sign in to access your portfolio
Yahoo
24-06-2025
- Business
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Gold Reserve requests clarification about US license protecting Citgo
(Reuters) -Gold Reserve has filed an emergency request with a court in Delaware asking for clarification about a license by the U.S. Treasury Department that last week extended its protection over Venezuela-owned U.S. refiner Citgo Petroleum even amid a court-organized auction to pay creditors, the company said on Tuesday. The Delaware court has progressed to complete the auction of shares in Citgo's parent PDV Holding, aimed to compensate up to 15 creditors for debt defaults and expropriations in Venezuela. The bidding round's winner is expected to be selected by July 2. Canadian miner Gold Reserve, which is one of the creditors taking part in the auction and also a bidder, is asking the court to invite the Treasury Department's Office of Foreign Assets Control to clarify and confirm whether it intends to continue protecting Citgo from creditors beyond the expected closing of the sales process, whose final hearing is scheduled for mid-August. Venezuelan opposition leaders have requested Washington to suspend the auction, while the administration of Venezuela's President Nicolas Maduro has criticized the process, saying it constitutes the theft of a sovereign asset. 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
Yahoo
11-06-2025
- Business
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US judge extends Citgo auction's schedule, moves final hearing to August
By Marianna Parraga HOUSTON (Reuters) -A U.S. judge in Delaware has extended the schedule for a court-organized auction of shares in the parent of Venezuela-owned refiner Citgo Petroleum, moving the sales process's final hearing to August 18, according to a filing on Wednesday. The eight-year court case, aimed at compensating creditors for debt defaults and asset expropriations in Venezuela, has endured multiple delays. A first bidding round last year failed to satisfy most of the companies expecting to cash proceeds. Houston-based Citgo, ultimately owned by Venezuela's state oil company PDVSA, is the seventh-largest U.S. refiner. Earlier this year, a $3.7-billion offer by Contrarian Funds' affiliate Red Tree Investments was selected by the court as a starting bid in the second bidding round. The offer includes an agreement to pay holders of a Venezuelan defaulted bond. Red Tree and rival bidders have until June 18 to submit improved offers. A court officer overseeing the auction last month said new bidders were expected to emerge. The new calendar, approved after lawyers representing Venezuela requested more time for due diligence and to secure robust bids, sets July 2 as the deadline for a judge to recommend the auction's winner, with a period for submitting objections through July 9. Judge Leonard Stark is trying to avoid long delays in the last part of the sales process by moving deadlines only at bidders' request. Once confirmed, the auction's winner will need approval by the U.S. Treasury Department, which has been protecting Citgo from creditors since 2019. "While heightened investor engagement may marginally delay the auction hearing, Judge Stark remains on course to finalize proceedings by late Q3 2025," said consultancy Aurora Macro Strategies in a report last week. 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
