Legal
Demand for $40 Billion Bond From Venezuela Snags Citgo Auction
- Venezuelan opposition says PDVSA bond required for asset sale
- State-owned firm say paying bond impossible under US sanctions
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Venezuela’s foreign creditors have long had their eyes on Citgo Petroleum Corp., the US—based refiner that is the South American country’s largest overseas asset. After a lengthy legal battle, Citgo finally seems within their grasp with a court-ordered auction process set to begin next month.
But now the sale may have hit a $40 billion roadblock.