Blue Water Acquisition Corp has submitted a $10 billion offer for Citgo Petroleum’s parent company, including a $3.2 billion settlement proposal for defaulted Venezuelan bondholders. The U.S. court-organized bidding round for PDV Holding closed with improved bids, allowing unsolicited bids after the deadline. Blue Water is offering cash or stock distributions to creditors and a settlement for bondholders. Court officer Robert Pincus recommended Elliott Investment Management’s affiliate, Amber Energy, as the winner. A final sale hearing in mid-September will determine the auction’s winner. The court has not released information about Blue Water’s bid yet.

Read more at Yahoo Finance: Blue Water submits $10 billion bid for Citgo parent