HOUSTON (Reuters) – A Delaware judge has extended a deadline to submit improved bids in a court-organized auction of shares in the parent of Venezuela-owned refiner Citgo Petroleum to June 18, a filing showed on Friday, giving more time for bidders to participate. Companies taking part in the bidding round originally had until May 28 […]
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US court extends deadline for improved bids in Citgo parent’s auction
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HOUSTON (Reuters) – A Delaware judge has extended a deadline to submit improved bids in a court-organized auction of shares in the parent of Venezuela-owned refiner Citgo Petroleum to June 18, a filing showed on Friday, giving more time for bidders to participate.
Companies taking part in the bidding round originally had until May 28 to submit offers, but the resolution of parallel legal cases in pursuit of the same assets has prompted interest in the auction, a court officer supervising the sales process said, without identifying the potential new bidders.
The court officer now has until June 27 to recommend a winner, according to an updated calendar released by the court. A final hearing to discuss the process remains scheduled for July.
(Reporting by Marianna Parraga, Editing by Franklin Paul)