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Reporting by Marianna Parraga, Reuters
HOUSTON
EnergiesNet.com 08 28 2024
A U.S. federal court officer overseeing an auction of shares in the parent of Venezuela-owned refiner Citgo Petroleum on Friday requested a new extension to evaluate bids and select a winner of the bidding round, according to a court filing.
A complex bidding system in an unprecedented court case to pay up to $21.3 billion in debts from expropriations and debt defaults in Venezuela has repeatedly created delays. The auction is expected to see an ownership change of the seventh-largest U.S. refiner.
The proposed extension, the third requested so far this year, would give Delaware court officer Robert Pincus until Sept. 16 to choose and recommend a winner. Parties would have 21 days after that to file any objections, with the final sales hearing to be held on Nov. 7, the court document said.
The two leading bidders in the auction are refiner CVR Energy (CVI.N), opens new tab, backed by billionaire investor Carl Icahn, and an investment group led by miner Gold Reserve (GRZ.V), opens new tab, sources told Reuters last month.
The long-running case, first introduced in 2017, has broken new ground in its treatment of international arbitration awards and foreign sovereign immunity issues. The court found Citgo’s parent PDV Holding liable for Venezuela’s debts.
Reporting by Marianna Parraga; Editing by Kim Coghill
reuters.com 08 27 2024
