U.S. Court Could Reopen Bidding for Oil Refiner Citgo After Failed Deal

A court adviser has proposed that the court-ordered auction of assets of Venezuela’s PDV Holding, the parent company of refiner Citgo, should be restarted after the current winning bid has failed to gather enough support from the creditors of the Venezuelan group. The sale process of shares to pay creditors and claimants against Venezuela’s oil asset appropriation and debts owed by Citgo was launched by the Delaware court in October 2023. Overall, creditors and claimants have sought to recoup at courts in Delaware a total...