Reported 3 days ago
A U.S. federal judge is overseeing a renewed auction for shares of Citgo Petroleum, which is embroiled in conflict as creditors argue over a low starting bid. With an ongoing bid process to help repay 18 creditors for debts linked to Venezuela, tensions have escalated, particularly following a controversial $3.7 billion bid recommended as the minimum offer. Complications arise from competing claims, legal challenges, and previously rejected offers, which have complicated the valuation and future of Citgo's assets.
Source: YAHOO