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US court overseeing Citgo share auction ends talks with Venezuela bondholders, filing shows
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US court overseeing Citgo share auction ends talks with Venezuela bondholders, filing shows
Oct 2, 2024 11:57 PM

HOUSTON, Sept 27 (Reuters) - A U.S. court officer

overseeing an auction of shares in a Citgo Petroleum

parent disclosed on Friday he has ended talks with holders of

Venezuela 2020 bonds seeking to receive proceeds from the court

auction, a filing showed.

The court has not been able to reach an agreement with the

bondholders and discussions are no longer active, Delaware

District Court Special Master Robert Pincus said in a filing.

The bonds were secured with a pledge of a controlling interest

in another Citgo parent.

U.S. District Court in Delaware is auctioning shares in PDV

Holding to repay $21.3 billion in claims against Venezuela and

state-oil firm PDVSA for expropriations and debt defaults. The

bondholders have been pursuing their claims in separate court

actions.

Pincus, who had missed several deadlines to provide the

court with the winner and sale terms of the auction, has blamed

bondholders' legal filings for complicating talks with a bidder.

Bidder Gold Reserve this month dropped out of the running over

delays and uncertainty surrounding the auction. Pincus' filing

said he reserves the right to re-engage with the bondholders in

the future.

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