Reported 6 months ago
Venezuela’s opposition is contemplating a strategy to slow down the sale of Citgo Petroleum Corp.'s oil assets by potentially having the holding company file for bankruptcy in the US. Executives are aiming to retain control of Citgo amid an auction process and are considering a US Chapter 11 filing to impede the finalization of the sale. The move, if pursued, could provide time to seek a higher bid or bring in external support, as the auction deadline for Citgo’s US parent approaches in June, with a winning bidder expected to be announced in July.
Source: YAHOO