An affiliate of Elliott Investment Management has raised its bid for PDV Holding, the Venezuela-owned parent of U.S. refiner Citgo Petroleum, to $8.82 billion, according to a court filing on the ongoing Delaware-led auction.
The sale aims to repay 15 creditors over debt defaults and expropriations by Venezuela and its state oil firm PDVSA. The auction, relaunched in January after a failed first round, has drawn competing offers, including $7.4 billion from a group led by miner Gold Reserve and $8.45 billion from Vitol’s subsidiary, News.Az reports, citing Reuters.
Amber Energy, the Elliott affiliate, sweetened its proposal by adding payments for holders of a defaulted Venezuelan bond. A court hearing next week will determine the winning bidder.
