HOUSTON (Reuters) -A court officer in Delaware overseeing an auction of shares in the parent of Venezuela-owned refiner Citgo Petroleum has requested an adjournment of the sale process’ final hearing, originally scheduled for next week to decide the auction’s winner, a court filing showed on Wednesday. The request comes after at least two unsolicited bids […]
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Court officer overseeing Citgo auction requests adjournment of sale hearing
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HOUSTON (Reuters) -A court officer in Delaware overseeing an auction of shares in the parent of Venezuela-owned refiner Citgo Petroleum has requested an adjournment of the sale process’ final hearing, originally scheduled for next week to decide the auction’s winner, a court filing showed on Wednesday.
The request comes after at least two unsolicited bids were recently submitted by groups including affiliates of hedge fund Elliott Investment Management and commodities house Vitol, even after the court officer had recommended a different bid by a unit of miner Gold Reserve.
The court-organized auction of the seventh largest U.S. refiner to pay creditors for past debt defaults and expropriations in Venezuela has suffered delays amid parallel legal cases by creditors in pursue of the same assets, procedure complications and disagreements.
The adjournment requested by court officer Robert Pincus is supported by some bidders and creditors in the auction, while Gold Reserves is opposed to it, according to the filing.
Pincus plans to submit this week an updated proposal on how to proceed with the sale hearing, he told the court.
(Reporting by Marianna Parraga; EDiting by Julia Symmes-Cobb)