US court receives offers for Citgo’s parent, credit bid submitted

A US federal court accepted binding offers through Tuesday for shares in the parent of Venezuela-owned refiner Citgo Petroleum, a crucial step in a long-running case where 18 creditors are seeking up to $21.3 billion for past expropriations and debt defaults.

A spokesperson for Canada-incorporated Gold Reserve was unavailable for immediate comment on the offer’s details. The company has a $1 billion claim against Venezuela it can use as part of its bid. Hedge fund Elliott Investment Management has been weighing a bid, while a group of creditors represented by Centerview Partners aimed to lure ConocoPhillips to join another offer for Citgo parent PDV Holding, sources toldCitgo is the largest asset targeted by creditors trying to get compensation for late President Hugo Chavez’ nationalizations two decades ago and President Nicolas Maduro’s failed debt payments.

Citgo Petroleum, controlled by supervising boards since it severed ties in 2019 with its ultimate parent, Caracas-based state oil company PDVSA, is the crown jewel of Venezuela’s foreign assets, processing up to 807,000 barrels of oil per day.Parties representing Venezuela in Delaware are hopeful that offers in this second bidding round will be higher than non-binding bids in the first round in January, which only reached $7.

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