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US Court Analysing Bids in Citgo Share Auction

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A US federal court is weighing the initial bids from private investment funds and companies participating in an auction of shares of refiner Citgo Petroleum’s parent, according to Reuters.

  • Creditors are claiming billions of dollars for past expropriations in Venezuela and defaulted debt and US arbitration rulings have enforced an auction of shares.
  • The claims before the court exceed $22 billion, greater than the $11 billion - $13 billion estimated valuation of Citgo.
  • 12 parties submitted indications of interest.

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