Citgo Auction Planner Asks Delay of Sale Hearing Until September

(Bloomberg) -- An official overseeing the sale of PDV Holding, the parent of Venezuela-owned Citgo Petroleum, asked for the court-ordered auction to be delayed until September.

Robert Pincus, the court-appointed special master in the case, asked to move the hearing to Sept. 19, according to a motion filed on Friday. The auction, tentatively scheduled for July 15, would help satisfy more than $20 billion in claims against Venezuela and state-owned Petroleos de Venezuela SA. Bids were due last week.

Leading companies in line to collect on the sale are Canadian miners Crystallex and Gold Reserve and US oil giant ConocoPhillips, according to court filings. Along with other claimants, the companies have more than $20 billion in judgments against Venezuela for arbitration awards. Companies such as Vitol and Gold Reserve have shown interest in buying PDV Holding’s shares.

Venezuelan President Nicolas Maduro’s administration threatened legal action against any company that acquires shares of Houston-based Citgo.

Venezuela’s opposition, backed by the US government, has been lobbying President Joe Biden’s administration to halt the sale ahead of the country’s presidential election on July 28.

The case is Crystallex International Corp. v. Bolivarian Republic of Venezuela, 17-mc-00151, US District Court, District of Delaware (Wilmington).

©2024 Bloomberg L.P.