Post by
mrmoribund on Mar 15, 2024 10:37am
July 2024
Looks like the election is set for July 28.
Would make no sense to finalize sale of Citgo on the eve of that election because the result of the election will have a significant bearing on the value of Citgo. Also, if the opposition were to win then for sure the US government would give the new Venezuelan leadership a chance to keep Citgo by giving everyone their projects back plus, presumably, some compensation.
If Maduro wins then the sale of Citgo will, I'd think, happen quickly.
There is an argument for getting the 2020 PDVSA bonds validity issue resolved before completing a sale of Citgo. But I can see where Judge Stark is tired of the endless delays and wants to just get it done.
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Don't believe the Reuters story claim that the top round 1 number is going to be as high as it gets. This is exactly the kind of situation where parties are not going to make real bid numbers until they are faced with the true put-up-or-shut-up moment. Everything up to now is just posturing.
Comment by
slappyjo on Mar 15, 2024 11:05am
I would agree that first bids are usually low in any auction, just to gauge others' interest, but there was this from the same article... "The court is expected soon to set a second, binding round, but prospects of an offer higher than the non-binding $7.3 billion are slim, the people added.