Venezuela Urges U.S. Court to Halt Citgo Sale Process
Venezuela asked a U.S. court to halt the Citgo sale as its value rose to 15.1 billion dollars. Lawyers say the current 5.9 billion dollar bid is now unfair.
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Venezuela lawyers are petitioning a United States court to halt the $5.9 billion sale of refiner Citgo Petroleum, citing a valuation surge to $15.1 billion. The legal challenge follows a November court-approved bid from Amber Energy, an affiliate of Elliott Investment Management. For investors, the dispute threatens to derail a multi-billion dollar liquidation process intended to satisfy creditors holding billions in defaulted debt.
