Reported 2 months ago
In the ongoing U.S. court auction for Citgo Petroleum, activist investor Carl Icahn's backed oil refiner is competing against a group of creditors seeking $21.3 billion in potentials claims from Venezuela. While the Icahn-controlled CVR Energy has made an $8 billion all-cash bid, another group, including Gold Reserve and Koch Industries, has offered around $9 billion in cash and claims. Despite these bids surpassing an earlier $7.3 billion offer, they still fall short of Citgo's estimated market value of $11-13 billion. The court proceedings are complex, with some creditors possibly facing losses regardless of the outcome.
Source: YAHOO