A Delaware judge on Monday was showered with objections to the proposed sale procedures for control of Citgo as defunct Canadian miner Crystallex looks to enforce a $1. 2 billion arbitral award against Venezuela, among them that it could result in an unnecessary and avoidable fire sale. Venezuela and its state-owned oil company, PDVSA, argued in a brief on Monday that the fifth and latest version of special master Robert Pincus’ proposed sales procedures order envisions a process more akin to a bankruptcy proceeding, which they allege would destroy the value of the shares in PDV Holding Inc. , a PDVSA subsidiary. By Caroline Simson

Traducción de cortesía -> El lunes, un juez de Delaware recibió una lluvia de objeciones a los procedimientos de venta propuestos para el control de Citgo, ya que la extinta minera canadiense Crystallex busca hacer cumplir 1, 2 millardos del laudo arbitral contra Venezuela, que podría resultar en una venta forzosa innecesaria y evitable. Venezuela y su petrolera estatal, PDVSA, argumentaron en un escrito el lunes que la quinta y última versión de la orden de procedimientos de venta propuesta por el maestro especial Robert Pincus prevé un proceso más parecido a un procedimiento de quiebra, que alegan destruiría el valor. de las acciones de PDV Holding Inc., subsidiaria de PDVSA.

La empresa minera canadiense no quería que el gobierno interino de Juan Guaidó tuviera información de la negociación realizada en 2018. Recibieron bonos con un valor nominal de $1.347.195.942, pero que en el mercado reportaban solo $319.579.394. Texto completo -> El PItazo

Courtesy Translation -> The Canadian mining company did not want the interim government of Juan Guaidó to have information on the negotiation carried out in 2018. They received bonds with a nominal value of $ 1,347,195,942, but that in the market reported only $ 319,579,394

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

Crystallex is pressing a Delaware federal judge to keep its efforts to sell Citgo’s parent company to satisfy a $1. 2 billion judgment against Venezuela on track during an ongoing appeal, arguing that the country’s request for a stay marks the 13th time it’s tried to delay the litigation. The Canadian mining company argued in a Friday brief that it’s already been awaiting the compensation it’s owed under the 2016 arbitral award for years, as the enforcement proceedings have wound their way through several levels of appeals.. Full Text -> Law360

Delaware District Judge Leonard Stark -almost- made Canadian miner Crystallex’s wishes come through. Stark complied with a request the company made back in September 2020 and approved the sale of PDV Holdings shares just before mid-January 2021. PDV Holdings is the parent company of refiner Citgo Petroleum Corp., which is owned by Venezuela. By Valentina Ruiz Leotaud. Full Text -> Mining,com

The Trump administration is urging a Delaware judge to hold off from allowing Crystallex to sell shares in Citgo’s parent company to enforce a $1. 2 billion arbitral award against Venezuela, arguing Friday that U. S. foreign policy interests would otherwise be “needlessly imperiled. Full Text-> Law360

Crystallex is seeking to collect on a $1.4 billion judgment for Venezuela’s expropriation of its assets under late socialist leader Hugo Chavez. Venezuela’s opposition, which took control of Citgo last year after Washington sanctioned PDVSA, sought to have a ruling in favor of Crystallex thrown out, but the U.S. Supreme Court last month declined to hear the case.

A United States federal appeals court rejected an appeal by Petroleos de Venezuela (PDVSA) to overturn an order issued by a Delaware court allowing the Canadian transnational mining company Crystallex International Corp. to seize shares in the refining unit. of PDVSA in the United States, Citgo Petroleum Corp. Full Text -> Explica

Canadian mining company Crystallex has asked the U.S. Supreme Court to reject Venezuela’s bid to have the court review a $1.4 billion arbitral award dispute, saying Venezuela hasn’t met the standards for review or presented any valid questions to the court. Full text -> Law360

A U.S. federal appeals court on Monday rejected an appeal by Venezuela’s state-owned oil company to set aside an order allowing a Canadian gold mining company to seize shares in its U.S. refining unit, Citgo Petroleum Corp. By Jonathan Stempel and Luc Cohen. Full text -> Reuters