Crystallex, Venezuela Butt Heads Over Special Master Order

Crystallex is objecting to a position adopted by Venezuela and its state-owned oil company, Petroleos de Venezuela S. A, that the parties involved in the sale of Citgo’s parent company — and perhaps even the special master overseeing it — will need a license to proceed with the transaction due to U. S. sanctions on Caracas. The Canadian company argued in a letter filed with U. S. District Judge Leonard P. Stark in Delaware on Monday that Venezuela is just trying to delay the sale of PDVSA’s shares in PDV Holding Inc. , the indirect parent of U. S. petroleum company Citgo, as the parties in the sale move ahead from Skadden. . . Full Text -> Law360

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