A U.S. judge authorized the sale of shares in the Venezuela-owned parent of oil refiner Citgo Petroleum to an affiliate of Elliott Investment Management, following his previous approval of a $5.9 billion bid from the company in a court-organized auction to pay Venezuela-linked creditors, Reuters reported
The sale order was the final legal step in a two-year auction aimed at paying creditors for debt defaults and expropriations in Venezuela.
Lawyers representing Venezuela, Citgo Petroleum and its parent companies filed appeals Monday before the Third U.S. Circuit Court of Appeals challenging last week's order that authorized the sale of PDV Holding's shares.
The transaction is pending approval from the U.S. Treasury Department, but Elliott affiliate Amber Energy has said it expects it to close next year.
Venezuela and rival bidder Gold Reserve (OTCQX:GDRZF) previously filed objections to Amber's bid and motions to disqualify the judge and advisors the court selected to evaluate the offers, which were denied by the judge.
If the deal is completed, companies including miner Crystallex and oil producer ConocoPhillips (COP) are set to recover billions from auction proceeds.
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