HOUSTON, Aug 23 (Reuters) - A U.S. federal court officer
overseeing an auction of shares in the parent of Venezuela-owned
refiner Citgo Petroleum on Friday requested a new extension to
evaluate bids and select a winner of the bidding round,
according to a court filing.
A complex bidding system in an unprecedented court case to
pay up to $21.3 billion in debts from expropriations and debt
defaults in Venezuela has repeatedly created delays. The auction
is expected to see an ownership change of the seventh-largest
U.S. refiner.
The proposed extension, the third requested so far this
year, would give Delaware court officer Robert Pincus until
Sept. 16 to choose and recommend a winner. Parties would have 21
days after that to file any objections, with the final sales
hearing to be held on Nov. 7, the court document said.
The two leading bidders in the auction are refiner CVR
Energy ( CVI ), backed by billionaire investor Carl Icahn, and
an investment group led by miner Gold Reserve ( GDRZF ), sources
told Reuters last month.
The long-running case, first introduced in 2017, has broken
new ground in its treatment of international arbitration awards
and foreign sovereign immunity issues. The court found Citgo's
parent PDV Holding liable for Venezuela's debts.