HOUSTON (Reuters) -A U.S. federal judge on Wednesday said he will decide on pending motions seeking to disqualify him and advisors overseeing the court-ordered auction of Citgo Petroleum’s parent by the end of the month, along with a ruling to resolve objections to the bid recommended as the auction’s winner. The decisions by Delaware Judge […]
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US court to decide pending motions in Citgo parent auction by end of Nov
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HOUSTON (Reuters) -A U.S. federal judge on Wednesday said he will decide on pending motions seeking to disqualify him and advisors overseeing the court-ordered auction of Citgo Petroleum’s parent by the end of the month, along with a ruling to resolve objections to the bid recommended as the auction’s winner.
The decisions by Delaware Judge Leonard Stark will follow a series of hearings since September where parties in the case, including bidders and 15 creditors lining up to cash proceeds from the auction of PDV Holding, parent of Venezuela-owned refiner Citgo, presented arguments about the sale process.
The disqualification motions were introduced this month by bidder Gold Reserve and the Venezuela parties over alleged conflict on interest during the bids evaluation.
The court also denied a motion by emerging bidder Blue Water for bid consideration in the auction. The motion was denied without prejudice to renew.
(Reporting by Marianna Parraga; Editing by Nathan Crooks)