US court sets June bidding deadline for auction of shares in US court sets June bidding deadline for auction of shares in Citgo parent
HOUSTON, April 16 (Reuters) -A U.S. federal court on Tuesday set June 11 as the deadline to accept binding offersfor shares in a parent of oil refiner Citgo Petroleum, a process organized to pay creditors for past expropriations and debt defaults in Venezuela.
A hearing to choose the highest bidder could be held as soon as July 15, according to an auction schedule released by U.S. District Court in Delaware. The sale could lead to new ownership for the Venezuela-owned company.
The court last year launched an auction of shares inCitgo parent PDV Holding to satisfy $21.3 billion in claims. Citgo is Venezuela's foreign crown jewel with three U.S. refineries, pipelines, oil storage terminals and a retail distribution network that spans nearly half of the United States.
The seventh largest U.S. refiner by volume this month set up a data room for potential bidders to review operational and financial information.