Bidding Battle: Citgo Auction Deadline Extended Amid Legal Tangles
A U.S. judge has extended the deadline for bids in the auction of Citgo Petroleum's parent company shares. With the current bid at $3.7 billion from Red Tree Investments, further bids will now be accepted until June 2. Legal complexities have prompted this extension, ensuring a fair bidding process.
A U.S. federal judge has extended the bidding deadline for Citgo Petroleum's parent company's shares auction to June 2. This decision follows a $3.7 billion starting bid by Red Tree Investments, accepted last month by Delaware Judge Leonard Stark. The extension allows more time for rival bids.
Venezuela's legal team requested the extension, emphasizing the need for bidders to assess ongoing lawsuits that may influence the auction's terms. Some creditors have agreed to this extension, citing the need to resolve legal uncertainties overshadowing the bidding process.
The auction is expected to conclude in July, after a court-appointed special master makes a recommendation. This delay aims to ensure transparency and fairness in compensating the 15 creditors involved in the proceedings.
(With inputs from agencies.)
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