Citgo Auction: Elliott Wins, Gold Reserve Loses Out

Citgo's parent company is about to be sold for almost $6 billion to Elliott Investment Management's affiliate, Amber Energy, despite a last-minute higher bid of $7.4 billion from Gold Reserve. The court officer overseeing the auction deemed Amber Energy's offer the best option for creditors seeking to recoup nearly $19 billion from Venezuela's 2017 expropriation of assets. The deal now awaits final approval, promising a major shift in Citgo's ownership. Hosted on Acast. See acast.com/privacy for more information.