US Judge Resets Bidding for Oil Refiner Citgo, Creating Competition for Elliott
- US judge resets bidding process for oil refiner’s parent
- Sale aimed at generating revenue to pay Venezuela’s creditors
The Citgo Petroleum Corp. refinery in Corpus Christi, Texas.
Photographer: Eddie Seal/Bloomberg
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A US judge reset the bidding process for the parent company of Citgo Petroleum Corp. late Tuesday, a move that is poised to create competition for Elliott Investment Management’s pursuit of the oil refiner.
Judge Leonard Stark ordered the bidding for the company to be reopened, allowing for new offers to be submitted. Any proposal would have to top the $7.3 billion bid made by an affiliate of Elliott earlier this year.