Citgo’s Venezuelan Parent Weighs US Bankruptcy to Slow Sale
- Ad-hoc board controlling refiner seeking to delay hand-over
- Final bids for Citgo’s US parent’s shares are due by June 11
This article is for subscribers only.
Venezuela’s opposition is weighing a move that would slow the sale of oil assets under its control by having Citgo Petroleum Corp.’s holding company file for bankruptcy in the US, according to people familiar with the deliberations.
Opposition-appointed Petroleos de Venezuela executives are seeking to retain control of their most important overseas asset, which is up for auction, and are mulling using a US Chapter 11 filing to block finalization of its sale, said the people, who asked not to be identified because they weren’t authorized to speak publicly about the tactic. Trade publication Reorg previously reported the plan.