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Creditors Close in on Citgo, the Last Asset Guaido Has Left

Aug. 5, 2021, 12:00 PM

As the power of Venezuelan opposition leader Juan Guaido has dwindled, he’s kept something in his back pocket: Citgo Petroleum Corporation, the American refiner and gas distributor with the potential to bring in hundreds of millions of dollars to help topple President Nicolas Maduro.

Now Guaido is on the verge of losing the company. Creditors owed $7 billion in debts accrued by Maduro and his predecessor, Hugo Chavez, are mounting legal challenges to wrest control of it -- and appear to be succeeding.

For now, the U.S., which led dozens of countries in backing Guaido as interim ...