A judge cleared the way for final offers for Citgo Petroleum Corp.’s US parent, denying objections from Venezuela’s state-owned oil company to the bidding process for the oil refiner’s court-ordered sale.
Judge Leonard Stark concluded at a hearing in Wilmington, Delaware, on Friday that a special master’s proposed instructions for taking final bids next month was “not inconsistent” with the approved sale process. The instructions didn’t improperly favor investors holding a defaulted 2020 bond backed by a controlling stake in PDV Holding, which owns the US refiner, the judge found.
A Citgo station in Wisconsin.
Photographer: Lauren Justice/Bloomberg
Lawyers for Petroleos de Venezuela SA ...
