HOUSTON - A U.S. federal court will likely extend a period for reviewing bids submitted in an auction of shares in the parent of Venezuela-owned refiner Citgo Petroleum, three people close to the matter said, which would delay a resolution to the seven-year-long case.
Bidders also were asked to disclose whether their bids included plans to pay holders of a bond collateralized with equity in a Citgo parent, adding another level of complexity. President Nicolas Maduro's administration and his political opposition have requested the U.S. government to delay or halt the auction, so its results do not alter the election outcome.
"There are 100 reasons why this auction should not be in a hurry," said a person familiar with the sale process, noting the proximity of Venezuela's presidential election.
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