Citgo Bidding Opened to Others to Try to Top Elliott Firm (1)

A US judge reset the bidding process for the parent company of Citgo Petroleum Corp. late Tuesday, a move that is poised to create competition for Elliott Investment Management’s pursuit of the oil refiner.

Judge Leonard Stark ordered the bidding for the company to be reopened, allowing for new offers to be submitted. Any proposal would have to top the $7.3 billion bid made by an affiliate of Elliott earlier this year.

Stark, who heard arguments on the matter on Dec. 13 in Wilmington, Delaware, has now cleared the way for other creditors — including Gold Reserve, ...