Pharo Funds Withdraw as Creditors From Citgo Auction

Funds controlled by Pharo Management withdrew from a long list of Venezuela creditors that was hoping to get paid from the court-ordered sale of Citgo Petroleum Corp’s parent company in Delaware.

• Plaintiffs Pharo Gaia Fund, Pharo Macro Fund and Pharo Trading Fund had registered two judgments against Venezuela in the auction of PDV Holding, Citgo’s parent, according to a court filing on Friday
  • On April 16, the plaintiffs moved to vacate their judgments against the South American country, without elaborating on the reasons behind their decision. Venezuela did not oppose these motions
• NOTE: Pharo was allowed to join the line ...