In order to initiate the corresponding payments to the creditors of Citgo Petroleum, a federal court in Delaware, United States, set an auction of shares of the oil company for October 23.

The company, owned by Venezuela, has commitments with various creditors that remain waiting for them to be remunerated.

The auction will have a schedule that could take a year. However, as reported by Reuters, the process will begin on October 23 after the order issued by Judge Leonard Stark in Delaware.

Citgo Petroleum’s creditors include miner Crystallex International, oil producer ConocoPhillips, Siemens Energy and Red Tree Investments. All these companies hope to recover “some USD 2.7 billion recognized by awards and international arbitration courts.”

It is appropriate to remember that the license that protects Citgo was extended until October 19, by the FED, “from the holders of a 2020 bond in default of PDVSA.”

The non-payment of the awards to the creditors prompted those affected to go to the US courts at all. The aforementioned companies are joined by the firms O-I Glass Inc OI.N, Huntington Ingalls Industries HII.N, ACL1 Investments, Rusoro Mining RML.V, Gold Reserve GRZ.V and two units of Koch Industries, which won a case before an appeals court in the United States. This new group of plaintiffs could recover USD 3.460 million.

M.Pino

Source: finanzasdigital

(Reference image source: Erik Torres, Unsplash)

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