A U.S. court officer is close to recommending a winner in the auction for Citgo Petroleum’s parent company, with Elliott Investment Management and Gold Reserve leading the competition. Other bidders include Vitol and Black Lion Capital Advisors. The auction deadline was extended to Friday with a final sale hearing in September.

Elliott’s affiliate Amber Energy and Gold Reserve are neck-to-neck in the bidding, with Amber offering $5.86 billion to creditors and $2.86 billion to bondholders. The main difference lies in the payment provision for holders of a Venezuelan defaulted bond collateralized with Citgo equity. The court is prioritizing price over “certainty of closure.”

Gold Reserve’s Dalinar has three days to match any superior proposal. The auction aims to pay up to $19 billion to 15 creditors for debt defaults and expropriations in Venezuela. Credit bids are accepted, but must be combined with cash offers. The court found Citgo’s parent PDV Holding liable for Venezuela’s debts.

Read more at Yahoo Finance: Elliott, Gold Reserve affiliates work on offers for Citgo parent as bidding end looms