{"id":24083,"date":"2024-11-29T05:49:56","date_gmt":"2024-11-29T09:49:56","guid":{"rendered":"https:\/\/energiesnet.com\/espanol\/?p=24083"},"modified":"2024-11-29T05:49:58","modified_gmt":"2024-11-29T09:49:58","slug":"venezuela-creditors-challenge-elliott-for-citgo-control","status":"publish","type":"post","link":"https:\/\/energiesnet.com\/espanol\/venezuela-creditors-challenge-elliott-for-citgo-control\/","title":{"rendered":"Venezuela Creditors Challenge Elliott for Citgo Control"},"content":{"rendered":"\n
\"PDVSA's
PDVSA’s U.S. unit Citgo Petroleum refinery is pictured in Sulphur, Louisiana, U.S., June 12, 2018. REUTERS\/Jonathan Bachman<\/figcaption><\/figure>\n\n\n\n

Nicolle Yapour, Bloomberg News <\/p>\n\n\n\n

CARACAS
EnergiesNet.com 11 29 2024 <\/p>\n\n\n\n

At least two Venezuela creditors are planning to submit bids for US-based refiner Citgo Petroleum Corp.\u2019s parent in a court-ordered auction, competing with an offer made by an affiliate of Elliott Investment Management.<\/p>\n\n\n\n

Crystallex International Corp. and Red Tree Investments LLC filed letters to a Delaware court detailing their plans to submit a credit bid for the parent company of Citgo Petroleum Corp., which is being auctioned to satisfy more than $20 billion in claims against Venezuela. Both companies are among the creditors in line to get paid from the sale. <\/p>\n\n\n\n

The crown jewel of Venezuela\u2019s foreign assets, Citgo has been the center of a years-long legal battle to seize the shares of its parent company, PDV Holding, to satisfy creditors holding judgments against Venezuela and its state-owned oil company PDVSA. The firm operates three refineries in the US, pipelines, terminals and fuel distribution channels.<\/p>\n\n\n\n

\u201cCrystallex may work with other creditors or interested parties on such a bid, but in all events its bid will ensure at least one offer is made that provides substantial value for the PDVH Shares,\u201d Crystallex, a Canadian mining company, said in the court filing Tuesday. <\/p>\n\n\n\n

The Citgo auction is getting increasingly challenging with most creditors objecting to an offer from Amber Energy, an affiliate of Elliott, that was selected following an earlier round of bidding. The initial offer included provisions that would delay payments to creditors, making them contingent on the resolution of separate lawsuits against the Venezuelan company.<\/p>\n\n\n\n

After getting significant push back, Amber Energy later offered to pay creditors directly after the sale is closed, taking on the risks of the pending claims, but reducing its bid to $5.3 billion from $7.3 billion.<\/p>\n\n\n\n

In a separate filing Tuesday, Red Tree said it was preparing a new bid along with other creditors and \u201cthird-party financing.\u201d Another creditor, Gold Reserve Inc., has also previously indicated its interest in submitting a competing offer. <\/p>\n\n\n\n

Now, as the proceedings get close to the final stage, backlash against the winning bid and uncertainty around the other legal claims could derail the sale process. <\/p>\n\n\n\n

\u201cWhile certain bidders have indicated that they may be willing to take the risk of the potential for alter ego liability, it is not clear that any external financing can be obtained given that risk,\u201d ConocoPhillips, one of the creditors, said in a filing.<\/p>\n\n\n\n

A court-appointed official overseeing the sale proposed overhauling the current auction structure in another court filing Tuesday. He suggested proceeding with a streamlined sale process, in which bidders will compete in another open auction. Under this new proposal, the sale hearing would take place on May 28, 2025.<\/p>\n\n\n\n

bloomberg.com 11 27 2024<\/p>\n","protected":false},"excerpt":{"rendered":"

Nicolle Yapour, Bloomberg News CARACAS EnergiesNet.com 11 29 2024 At least two Venezuela creditors are planning to submit bids for US-based refiner Citgo Petroleum Corp.\u2019s parent in a court-ordered auction, competing with an offer made by an affiliate of Elliott Investment Management. Crystallex International Corp. and Red Tree Investments LLC filed letters to a Delaware …<\/p>\n

Venezuela Creditors Challenge Elliott for Citgo Control<\/span> Leer m\u00e1s »<\/a><\/p>\n","protected":false},"author":2,"featured_media":24084,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"site-sidebar-layout":"default","site-content-layout":"default","ast-global-header-display":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","footnotes":""},"categories":[30],"tags":[],"class_list":["post-24083","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-news"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t