Elliott's Winning Bid: A New Era for Citgo Petroleum
Elliott Investment Management's $5.89 billion bid emerges victorious in a U.S. court auction for shares in the parent company of Citgo Petroleum, surpassing a $7.4 billion offer from Gold Reserve subsidiary. The sale proceeds aim to compensate multiple creditors claiming nearly $19 billion due to Venezuela's asset expropriation.
An affiliate of Elliott Investment Management has clinched a $5.89 billion winning bid in a U.S. court-supervised auction for shares of the Venezuela-owned Citgo Petroleum's parent company, documents revealed late Friday.
Despite a last-ditch attempt by a Gold Reserve subsidiary to enhance its $7.4 billion offer, court officer Robert Pincus recommended Elliott's affiliate Amber Energy as the superior bidder. Earlier this month, Amber Energy's improved bid received similar praise, prompting the court to allow Gold Reserve three days to counter, which they failed to achieve according to Pincus.
The auction serves to generate proceeds to satisfy creditors battling for nearly $19 billion since Venezuela's expropriation and debt default in 2017.
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