{"id":55263,"date":"2024-10-01T15:32:22","date_gmt":"2024-10-01T19:32:22","guid":{"rendered":"https:\/\/www.businessupturn.com\/usa\/?p=55263"},"modified":"2024-10-01T15:32:22","modified_gmt":"2024-10-01T19:32:22","slug":"citgo-share-auction-faces-backlash-as-creditors-oppose-terms-of-elliott-affiliates-bid","status":"publish","type":"post","link":"https:\/\/www.businessupturn.com\/usa\/citgo-share-auction-faces-backlash-as-creditors-oppose-terms-of-elliott-affiliates-bid\/55263\/","title":{"rendered":"Citgo share auction faces backlash as creditors oppose terms of Elliott affiliate\u2019s bid"},"content":{"rendered":"<p>Creditors seeking repayment from the auction of shares in Citgo Petroleum\u2019s parent company have strongly opposed the terms of a conditional offer made by an affiliate of Elliott Investment Management. The offer was selected during the second round of bidding in a U.S. court process.<\/p>\n<p>On Friday, Elliott\u2019s affiliate, Amber Energy, was named the presumptive winner of the share auction, with a bid valuing Venezuela-owned Citgo at up to $7.286 billion. However, Crystallex, the company that originally brought the case in 2017 and holds the highest-ranking claim, criticized the offer\u2019s terms. They argued that the proposed bid would likely leave the creditors, who collectively claim $21.3 billion, without proper compensation.<\/p>\n<p>Amy Wolf, representing ConocoPhillips, which holds the largest claims against Citgo\u2019s parent company PDV Holding, expressed dissatisfaction with the auction\u2019s outcome. \u201cThe sales process is not ending in the way we all would have liked,\u201d Wolf stated, highlighting concerns about the fairness and efficacy of the sales proceedings in repaying creditors for Venezuela\u2019s expropriations and debt defaults.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Creditors seeking repayment from the auction of shares in Citgo Petroleum\u2019s parent company have strongly opposed the terms of a\u2026<\/p>\n","protected":false},"author":432,"featured_media":55264,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[73],"tags":[19033],"class_list":["post-55263","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-us-markets","tag-citgo"],"reading_time":"1 min read","_links":{"self":[{"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/posts\/55263","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/users\/432"}],"replies":[{"embeddable":true,"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/comments?post=55263"}],"version-history":[{"count":0,"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/posts\/55263\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/media\/55264"}],"wp:attachment":[{"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/media?parent=55263"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/categories?post=55263"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/tags?post=55263"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}