Venezuela Challenges Citgo’s $5.9 Billion Sale Before U.S. Appeals Court

Parties representing Venezuela in a court-ordered auction have filed with the Third Circuit Court of Appeals to challenge the sale of PDV Holding, parent company of Citgo Petroleum. The refiner’s supervisory board announced this move to vacate Judge Leonard Stark’s decision, which had approved Amber Energy’s bid, an entity affiliated with Elliott Investment Management. This proceeding follows two years of bidding rounds aimed at repaying creditors for defaults and expropriations in Venezuela.