Citgo Parent Allowed by Judge to Reissue Stock Certificate
- No dispute the certificate was lost or destroyed, judge says
- Sale to pay billions in arbitration awards against Venezuela
A sign outside a Citgo Petroleum Corp. gas station in Appleton, Wisconsin, U.S.
Photographer: Lauren Justice/BloombergThis article is for subscribers only.
The US parent of Citgo Petroleum Corp. can post a $10,000 bond to reissue a missing official stock certificate needed as part of an auction of the refiner, a judge said in a ruling that helps clear the way for the company’s sale.
Delaware Chancery Court Judge Paul Fioravanti found Tuesday there was no dispute the official stock certificate covering 1,000 shares of Citgo’s US parent was lost or destroyed. He also said Venezuelan state oil company Petroleos de Venezuela SA — Citgo’s ultimate owner — didn’t have to pay a bond worth billions to cover the reissuance.