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G&A Strategic Investments files lawsuit in Texas against Citgo Petroleum parent
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G&A Strategic Investments files lawsuit in Texas against Citgo Petroleum parent
Jun 18, 2024 3:07 PM

HOUSTON, June 18 (Reuters) - Venezuela-linked creditor

G&A Strategic Investments has filed a lawsuit in Texas state

court seeking to recoup $1.5 billion from promissory notes

defaulted by Venezuela's state oil company PDVSA, according to a

court document seen on Tuesday.

The lawsuit was filed in Harris County District Court

against PDV Holding, one of the companies between

Caracas-headquartered PDVSA and its U.S. refining

unit, Citgo Petroleum.

Shares in PDV Holding are being auctioned by a federal court

in Delaware to pay up to $21.3 billion in claims from past

expropriations and defaults in Venezuela. This new lawsuit could

complicate an auction that is expected to announce final results

next month after seven years of litigation.

Attorneys for G&A did not immediately reply to a request for

comment.

The promissory notes ended up in G&A's hands after being

sold in 2018 by U.S. oil service firm Schlumberger ( SLB ), the original

receiver of the notes from PDVSA. The Venezuelan oil firm ceased

all principal and interest payments for the notes in 2019,

according to the filing.

G&A previously had sought to have its claims accepted by the

Delaware court, and in December it also brought a claim against

PDVSA in the U.S. district court for the Southern District of

New York, seeking to enforce the notes' payment agreement.

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