Intricate Legal Maneuvers in Citgo Auction Continue
A Delaware court hearing to finalize the sale of shares in the parent company of Venezuela-owned Citgo Petroleum resumed after being temporarily halted. Lawyers reviewed a separate New York decision regarding the validity of defaulted Venezuelan bonds linked to Citgo equity. The hearing may extend into October.
- Country:
- United States
The Delaware court resumed proceedings on Thursday to finalize the auction of shares in the parent company of Citgo Petroleum, a subsidiary owned by Venezuela, after a brief pause.
The hearing had been temporarily suspended for legal teams to examine a separate ruling from a New York case which confirmed the legitimacy of some defaulted Venezuelan bonds.
This high-stakes legal battle over Citgo, a prized asset, has already involved more than 30 hours of testimony. While the hearing might conclude soon, the judge indicated it could also extend into October.
(With inputs from agencies.)
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