Reported about 9 hours ago
A U.S. federal judge has confirmed Red Tree Investments' $3.7 billion bid as the starting offer in the auction for shares in Citgo's Venezuelan parent company, PDVSA, intended to pay creditors. This decision has spurred a competition among 16 creditors, with some arguing the bid is too low compared to other offers, including a $7.1 billion proposal from a consortium led by Gold Reserve. The final auction hearing is set for July, and the judge has instructed to prioritize price in further bids.
Source: YAHOO