The parties from Venezuela submitted a motion to disqualify the judicial expert in the CITGO auction before the Delaware Court, regarding the case of Crystallex International Corp. against the Bolivarian Republic of Venezuela concerning the…
Gold Reserve challenged the updated final recommendation proposed by the court-appointed expert in the CITGO auction regarding Amber Energy’s bid for shares of PDV Holding, which owns the Venezuelan refinery. Before the U.S. District Court…
Gold Reserve is seeking to challenge the judicial expert’s qualification regarding the CITGO auction, which presented Amber Energy’s bid as a superior proposal. They argue that this offer does not meet the mandatory requirements for…
Amid the hectic process of the CITGO auction, Horacio Medina, president of the Ad Hoc Administrative Board of PDVSA, assured that the funds from the Venezuelan refinery in the United States were not used to…
Evercore Group L.L.C. expressed its disapproval of the proposal to suspend the CITGO auction, countering alternative valuations of the Venezuelan refinery and showing support for the special expert, Robert B. Pincus, while assuring that he…
Leroy Garrett and Petroamigos continue to push for a review of the court decision that excludes them from participating in the CITGO Auction, while also requesting a suspension of any action until their appeal is…
Gramercy Distressed Opportunity Fund LLC expressed its objections to the provisions of the court-appointed auctioneer for CITGO, claiming that they grant excessive “free of burdens” protection to the buyer, extending beyond the shares of PDV…
The CITGO auction has turned the Delaware Court into a bustling hub where, day by day, the court clerk is inundated with motions, requests, and various claims. Recently, these have included requests to suspend the…
In the CITGO auction process, a group of bondholders from PDVSA 2020 challenges before the Delaware Court the position of PDV Holding Inc. (PDVH) and the Bolivarian Republic of Venezuela, subsidiaries of PDVSA that accuse…