THE AUCTION OF CITGO THE JEWEL OF THE CROWN.

1. Citgo is claimed to be the 7th largest refiner in the United States with refineries in Texas, Illinois, and Louisiana, along with pipelines and a gasoline distribution network that supplies approximately 4,200 outlets.
2. As part of the complicated legal process, a Delaware federal court launched the sale of shares to pay approximately 18 creditors against Venezuela’s oil asset appropriation and debts owed by Citgo. Creditors have sought to recoup a total of? US$ 24 billion including claims and arbitration awards against Venezuela.
3. The court re-launched an ordered auction of assets of Venezuela’s PDV Holding, the parent company of Citgo, with new terms to draw higher bids, after creditors rejected a previous attempted sale as too low in 2024
4. A United States company doing business by the name of Amber Energy, backed by a group of investors including Elliott Investment Management, made in October an offer of US $ 5.3 billion for Citgo’s parent company, $2 billion lower than the initial bid of $7.3 billion. The offer followed complaints from creditors who were not convinced with the structure of the initially proposed transaction which envisaged a trust structure for payments. The new bid offered creditors would be paid directly after the acquisition is completed. We will have to wait and see the sad development of Citgo the jewel of the crown.

* Toda persona que necesite ayuda legal debe procurar el asesoramiento de un Abogado con licencia que lo autorice a ejercer en el estado de la Florida o a nivel federal. El presente publicación no tiene por objeto proporcionar ningún tipo de asesoramiento legal, ni es suficiente para poder determinar las necesidades legales del lector.

*Photo:Wikipedia

Abogado egresado de la UCAB ,mención "Cum Laude"

Maestría en Derecho Internacional New York University

Maestría en Derechos Humanos St. Thomas University mención "Magna Cum Laude "

Admitido por el Colegio de Abogados del estado de la Florida, Estados Unidos y de la República Bolivariana de Venezuela

VALLINA GRISANTI, PA

Email: [email protected]

Teléfono: 305-299-2638