A U.S. court officer recommends a $3.7 billion bid by Contrarian Funds for Citgo's parent.

From Yahoo Finance: 2025-03-21 18:33:00

A U.S. court officer recommends a $3.7 billion bid by Contrarian Funds to set the floor for a new bidding round for shares in Citgo’s parent company, PDV Holding, in an effort to pay $21.3 billion to 18 creditors seeking compensation for debt defaults and expropriations in Venezuela. The sale process’s final hearing is scheduled for July, and the auction could potentially raise $1.5 billion to pay other creditors. Red Tree Investments’ bid, while initially low, could increase during the topping-off period for rival bids. Venezuela’s President Maduro has criticized the auction as a “robbery” of Venezuela’s assets in the United States.



Read more at Yahoo Finance: Contrarian Funds’ $3.7 billion offer recommended as starting bid in Citgo parent auction