A U.S. federal court auctioning Citgo Petroleum shares to pay creditors has received a competing bid, delaying the approval of a $7.4 billion offer by Gold Reserve. Officer Robert Pincus disclosed the unsolicited bid late Thursday without revealing the bidder’s identity or submission date.

Gold Reserve announced that the court authorized engagement with “Bidder B” in early July, leading to active discussions with relevant parties. Despite ongoing talks, Pincus has not considered the new bid superior to Gold Reserve’s offer.

The judge must still decide whether to approve the $7.4 billion bid, with objections from creditors and competitors complicating the process. Pincus continues to engage with “Bidder B” regarding the proposed transaction, indicating potential progress in the auction.

Read more at Yahoo Finance: Competing bid received in US auction of shares in Citgo’s parent