(Reuters, 1.Oct.2024) — Creditors seeking proceeds from an auction of shares in a parent of Citgo Petroleum to repay them for Venezuela’s expropriations and debt defaults on Tuesday widely criticized terms of a conditional offer selected in the U.S. court’s second bidding round. An Elliott Investment Management affiliate on Friday was named […]
Tag: Crystallex
US Court Declines To Hear Appeal In Crystallex Case
(Reuters, 18.May.2020) — The U.S. Supreme Court on Monday declined to hear Venezuela’s appeal of a lower court ruling allowing Canadian gold mining company Crystallex to seize shares in U.S. refiner Citgo to collect on an unpaid arbitration award. That meant a 3rd U.S. Circuit Court of Appeals ruling from […]
US Court Denies Citgo Rehearing
(S&P Global Platts, 21.Nov.2019) — A US appeals court Thursday denied Venezuela’s request for it to reconsider its ruling allowing a PDVSA creditor to go after US refiner Citgo, its most valuable foreign asset. The ruling by 13 judges on the US 3rd Circuit Court of Appeals in Philadelphia upholds […]
$1.4 Billion Deal Allows Venezuela To Keep Citgo’s Three U.S. refineries
(Houston Chronicle, Sergio Chapa, 26.Nov.2018) — A payment on a $1.4 billion arbitration award to a Canadian gold mining company is allowing Venezuela to keep ownership of Citgo Petroleum’s three U.S. refineries — at least through January. The Venezuelan government recently paid Toronto-based Crystallex International Corp. $425 million as part […]
The Latest Episode in the Crystallex-Venezuela Saga
(Mining.com, Valentina Ruiz Leotaud, 29.Aug.2018) — State-owned PetrĂłleos de Venezuela SA or PDVSA announced on Twitter that it filed an appeal requesting that a Delaware court vacate a decision made public on August 23 granting Canadian miner Crystallex the right to seize its U.S. assets. In its statement, the oil […]
Venezuela’s Citgo Refineries At Risk Of Seizure
(Forbes, Robert Rapie, 12.Aug.2018) – In 2007, following Venezuela’s expropriation of billions of dollars of assets from U.S. companies like ExxonMobil and ConocoPhillips, I suggested a potential remedy. Since Venezuela’s state-owned oil company, PDVSA (PetrĂłleos de Venezuela, S.A.) owns the Citgo refineries in the U.S., I felt the companies that […]