HOUSTON, Oct 9 (Reuters) - Siemens Energy Inc
has filed a lawsuit in a Texas court against Citgo Petroleum's
parent, PDV Holding, seeking to recoup about $200 million from a
promissory note defaulted by Venezuela, according to a court
document seen on Wednesday.
Creditors that are part of an auction of Citgo parent's
shares in a Delaware court to pay billions of dollars for
expropriations and debt defaults in Venezuela have begun turning
to other U.S. courts to enforce their claims, a strategy to gain
priority when the auction's proceeds are paid.
The auction's second bidding round was completed last month
with the selection of an affiliate of Elliott Investment
Management as the winner. If the judge ratifies the $7.3 billion
offer, there might not be enough money to pay more than a
handful of the $21 billion in creditor claims before the court.
Citgo and PDV Holding are U.S. subsidiaries of
Caracas-headquartered state oil firm PDVSA. The
dispute between PDVSA and Siemens comes from a transaction under
which engineering firm Dresser-Rand Company, acquired by Siemens
Energy, was entitled to receive some $166 million pursuant to a
promissory note.
"SEI obtained a judgment against PDVSA from the Southern
District of New York and now seeks to hold PDV Holding liable as
PDVSA's alter ego for the full amount of the judgment, which now
exceeds $200 million," the document filed by Siemens said.
Gramercy Distressed Opportunity Fund and two related
companies have filed similar lawsuits in Texas and New York
courts this year, threatening to derail the auction in Delaware,
which is scheduled to be completed in the coming months.
A court officer appointed to oversee the auction has
requested U.S. Judge Leonard Stark block the creditors from
resorting to other courts to pursue the same assets. His
decision is pending.