PDVSA Ad Hoc Board To Appeal Delaware Court Ruling on Citgo Sale

PDVSA’s ad hoc administrative board will appeal the Delaware district court ruling that an affiliate of Elliott Investment Management won the court-ordered auction for control of the parent company of US oil refiner Citgo Petroleum Corp., according to an emailed statement.

• NOTE, Nov. 25: Elliott Affiliate’s $6 Billion Citgo-Shares Bid Wins Auction (2)
• Ad hoc board vows to continue work to defend Venezuelan assets abroad, saying that Citgo remains protected until the US Treasury Department’s Office of Foreign Assets Control authorizes its sale
• Ad hoc board says that Citgo’s forced sale “has been marked by deficiencies and irregularities,” according to ...