Citgo’s Venezuelan Parent Weighing Bankruptcy to Slow Sale (1)

Venezuela’s opposition is weighing a move that would slow the sale of oil assets under its control by having Citgo Petroleum Corp.’s holding company file for bankruptcy in the US, according to people familiar with the deliberations.

Opposition-appointed Petroleos de Venezuela executives are seeking to retain control of their most important overseas asset, which is up for auction, and are mulling using a US Chapter 11 filing to block finalization of its sale, said the people, who asked not to be identified because they weren’t authorized to speak publicly about the tactic. Trade publication Reorg previously reported the ...