Citgo Parent Sale Hearing Delayed as Special Master Weighs Bids

A federal judge pushed back a hearing for the sale of Citgo Petroleum Corp.’s parent company, giving a court-appointed special master more time to evaluate bids for control of one of the largest oil refiners in the US.

Judge Leonard Stark moved the hearing to September 19 after the special master, Robert Pincus, asked for the additional time to ensure the winning bid maximizes the company’s value. The hearing was previously set for July 15.

Signage is displayed at Citgo Petroleum Corp. headquarters in Houston, Texas, U.S.

Photographer: Loren Elliot/Bloomberg

Pincus plans to announce the winning bid on July 31, moving a years-long saga over PDV Holding closer to a conclusion. Shares of the ...