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venezuelanalysis | Venezuela Edges Closer to Losing CITGO as Corporations Submit Binding Offers, 17 June
A total of 18 creditors are looking to collect a $21.3 billion combined debt, with a final sale decision expected in mid-July.
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According to Reuters, at least five groups of investors put forward proposals. Sources disclosed that Wall Street banks JPMorgan, Morgan Stanley, and investment groups Rothschild & Co, and Elliott Investment Management, secured financing for auction bids.
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Rusoro Mining, another Canadian company presented a non-binding offer in the previous round in January but did not disclose whether it submitted a second-round bid. It is owed $1.6 billion. Other rumored interested parties include hedge fund Elliott Investment and Centerview Partners. The latter has reportedly tried to join forces with ConocoPhillips. The US oil giant is looking to enforce two arbitration awards worth $1.3 and $10.2 billion, respectively. It did not state publicly whether it had submitted a bid.
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The present CITGO board might lobby the court to open a third round of bidding if offers remain far from the company's $11-13 billion valuation. The highest amount put forward in the first round was just $7.3 billion. CITGO's board was appointed by the since-defunct Venezuelan self-proclaimed "interim government" headed by Juan Guaidó with US support.
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reuters | Financial alliances build as Citgo share auction enters last mile, 17 June
by Cat on Wed Jun 19th, 2024 at 09:09:35 PM EST
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