An oil refiner backed by activist investor Carl Icahn and a group of creditors holding claims against Venezuela are competing in the last mile of a U.S...
HOUSTON - An oil refiner backed by activist investor Carl Icahn and a group of creditors holding claims against Venezuela are competing in the last mile of a U.S. court auction for Citgo Petroleum , according to three people familiar with the matter.
The court officer overseeing the auction, Robert Pincus, last week requested extra time to evaluate the complex offers and reach an agreement on terms. Creditors can use claims against Venezuela in lieu of cash in some cases. But because of the mounting claims, some creditors will end up empty-handed regardless of which of the offers the court accepts. Bondholders with secured claims against Venezuela also have protested they were largely shut out of the auction.
The U.S. judge overseeing the case, Leonard Stark, has opposed any significant delay to finalizing the case, first introduced by miner Crystallex in 2017. Stark found Citgo's parent, PDV Holding, liable for Venezuela's debts and ordered its shares seized. Citgo, the crown jewel of Venezuela's foreign assets, has storage terminals, pipelines and three oil refineries that can process up to 807,000 barrels per day of crude oil into fuels.CORRECTING and REPLACING WorkJam Announces $20 Million Investment from Export Development Canada to Expand International Operations
Gold Reserve Venezuela Robert Pincus Koch Industries Carl Icahn Oil Refiner Federal Court
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