Elliott Affiliate Bids $8.82 Billion for Citgo in Court (2)

An Elliott Investment Management affiliate submitted a last-minute bid in the court-ordered auction for Citgo Petroleum Corp.’s parent, according to a letter filed in Delaware legal proceedings.

Amber Energy, the Elliott affiliate, filed the competing bid for the Venezuelan refiner last weekend, according to the letter from Red Tree Investments LLC, a Venezuela creditor and former bidder. The proposal would include a settlement with bondholders who have a pending claim on a controlling stake in a subsidiary of Citgo’s parent company, called PDV Holding.

The move complicates a years-long legal battle led by creditors of Venezuela to seize ...