Reported about 7 hours ago
The stalled auction for shares in Venezuela's Citgo Petroleum has led to nearly $30 million in legal fees, frustrating creditors who have been waiting for compensation. With 18 companies vying for up to $21.3 billion due to debt defaults, the delays and escalating costs—five times higher than September 2023 fees—have drawn criticism. U.S. Judge Leonard Stark reprimanded advisers for mishandling negotiations, while future bidding prospects remain uncertain as the auction process is revised.
Source: YAHOO