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High-Stakes Drama Unfolds in Citgo Petroleum Auction
4 Articles
4 Articles
Venezuela: CITGO Court-Mandated Sale in Upheaval Following Last Minute Bids - Venezuelanalysis
Caracas, August 14, 2025 (venezuelanalysis.com) – The court-ordered sale of Venezuelan refiner CITGO to satisfy creditor claims is facing uncertainty with the arrival of new bids before a scheduled final hearing. According to reports, trading giant Vitol and vulture fund Elliott Management submitted US $8.5 billion and $8.8 billion offers, respectively, in recent days. Court-appointed “Special Master” Robert B. Pincus, charged with overseeing th…
High-Stakes Drama Unfolds in Citgo Petroleum Auction
High-Stakes Drama Unfolds in Citgo Petroleum Auction A Delaware court officer has requested a pause in the auction process for shares in Citgo Petroleum's parent company. Originally set for next week, the final hearing was postponed following the emergence of new bids, according to a court filing disclosed on Wednesday.The delay was prompted by unsolicited bids from groups including affiliates of hedge fund Elliott Investment Management and comm…
A U.S. federal court on Thursday approved the reprogramming of an expected sales hearing originally scheduled for next week to decide the final winner of an auction of shares from the matrix of the Venezuelan Citgo Petroleum refinery, according to a document. The change was approved after they were recently presented [...] The entry U.S. Court will reprogram final sale hearing at Citgo matrix auction was first published in Information Focus.
Elliott affiliate ups Citgo parent bid to $8.82bn
An affiliate of hedge fund Elliott Investment Management has increased its bid for PDV Holding, the US parent of Venezuela-owned refiner Citgo Petroleum, to $8.82bn amid a heated court-supervised auction in Delaware, according to a report by Reuters. The process, designed to repay creditors following Venezuela and PDVSA’s defaults and expropriations, has drawn competing offers from hedge funds and commodities players. Amber Energy’s revised offe…
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