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Search called off for two teenagers missing while swimming near Jacob Riis Park Judge in Washington suspends parts of the “Parenting Rights Bill”

At least one loan offer was submitted to the court. Gold Reserve said it submitted an offer with FJ Management, a private holding company based in Utah that manages a portfolio of oil and travel assets, including an oil refinery.

A spokesman for Canada-based Gold Reserve was unavailable for immediate comment on the details of the offer. The company has a $1 billion claim against Venezuela that it can leverage as part of its offer.

Some auctions accept credit bids to give creditors awaiting the proceeds the opportunity to purchase the assets or stocks up for auction in exchange for the debt owed. In this case, credit bids must be combined with cash offers, the court explained.

Another mining group acting as a creditor in the case, Rusoro Mining, submitted a non-binding offer in January and in April appointed Rothschild & Co as financial adviser and Kirkland & Ellis as legal counsel in the case. The company has not disclosed whether it has decided to make a binding offer in the second round.

Hedge fund Elliott Investment Management is considering a bid, while a creditor group represented by Centerview Partners is trying to persuade ConocoPhillips to join another bid for Citgo parent PDV Holding, sources said. Reuters In April.

ConocoPhillips declined to comment on whether it had made an offer.

Citgo is the largest asset targeted by creditors seeking compensation for the nationalizations of the late President Hugo Chávez two decades ago and for the default of President Nicolás Maduro on debt payments.

Maduro opposed the auction, saying Washington was trying to steal Venezuela’s foreign assets, but his government has made little effort to pay off the country’s debts.

A court officer appointed to the case and investment bank Evercore Group will be responsible for receiving and analyzing the bids. The deadline for completing the sales process, including awarding prizes to the round winners, is July 15.

Citgo Petroleum has been controlled by supervisory boards since it severed business relations with its parent company, Caracas-based PDVSA, in 2019 and is the crown jewel of Venezuela’s foreign assets. The company processes up to 807,000 barrels of oil per day.

Over the last two years, the company has generated total net profits of $4.8 billion.

The parties representing Venezuela in Delaware hope that the offers in this second round of bidding will be higher than the non-binding bids in the first round in January, which reached only $7.3 billion, compared to Citgo’s valuation of $11 billion to $13 billion.

Venezuela could ask for a third round of bidding in court if bids do not reach the $10 billion mark, two sources said on Monday.

As the deadline for bidding approached, Venezuelan politicians and envoys stepped up efforts to stop the auction, urging the White House and U.S. Congress this month to suspend the legal proceedings until Venezuela’s presidential election is completed in July.

Citgo’s boards also continue to try to reach payment agreements with some creditors, including Conoco and holders of PDVSA’s 2020 bonds, which are backed by the equity of another Citgo parent company.

The highest-ranking creditors who will be able to collect proceeds from the auction include shipbuilder Huntington Ingalls Industries, shipping services company Tidewater, conglomerate Koch Industries and glass container maker OI Glass.

(By Marianna Parraga, Gary McWilliams and Sourasis Bose; editing by Jonathan Oatis, Rod Nickel and Lincoln Feast)

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