US Court to Re-Launch Auction for Oil Refiner Citgo Seeking Higher Offers ...Middle East

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US Court to Re-Launch Auction for Oil Refiner Citgo Seeking Higher Offers
source : OILPRICE ( Middle East ) () 69
A U.S. court is set to re-launch a court-ordered auction of assets of Venezuela’s PDV Holding, the parent company of refiner Citgo, with new terms expected to draw higher bids, after a previous attempted sale was rejected as too low by creditors last year. In an effort to re-launch the sales process, U.S. federal judge Leonard Stark of the Delaware court on Monday approved new terms for the bidding, which are expected to lead to higher offers and ensure a fairer bidding process, Reuters reports. The sale process of shares to pay creditors…

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