Elliott-Backed Firm Makes New $5.3-Billion Citgo Bid Amid Creditor Complaints

Amber Energy, which has been selected to buy Venezuela’s PDV Holding, the parent company of refiner Citgo, has proposed a new bid, which is lower in value but could meet some demands from the company creditors waiting for years to be paid from the sale. Amber Energy, which is backed by a group of strategic U.S. energy investors, including Elliott Investment Management, has made a new $5.3-billion offer for Citgo’s parent company, $2 billion lower than the initial bid of $7.3 billion, Bloomberg reports, citing a legal filing. At the...