Venezuela, Bidders Clash Over Citgo’s Value in Court Auction

Venezuelan representatives and bidders for its most valuable foreign asset are clashing in a US court on Monday, as a judge in Delaware starts a three-day sale hearing to decide who will take over the parent of Citgo Petroleum Corp.

Lawyers for Venezuela, hired by the nation’s political opposition, argue that the bids for Citgo’s parent, PDV Holding, are far below the company’s value and criticized the auction process. Meanwhile, creditors and bidders say the country’s valuations of the company, which is being auctioned off to satisfy more than $20 billion in claims against Venezuela, are inflated.

The ...