Wikipedia
Venezuela is entering the final stage of a long legal battle in which its most valuable foreign asset, Citgo Petroleum Corp., will be auctioned off to settle claims against the government and its oil company. The sale starts on Monday with the expected distribution of marketing materials to potential buyers, setting off a bidding process expected to last several months.Citgo had been shielded by US sanctions against Venezuela that prevented creditors from seizing the refiner. But a US judge ordered the process for the sale of its parent company, PDV Holding Inc., to begin this month after Washington signaled it wouldn’t stand in the way.More than 20 plaintiffs are now seeking to collect on the auction, scheduled for June 6, while navigating legal roadblocks Venezuela has thrown up. They include bondholders, commercial lenders and companies whose Venezuela assets were taken over by former President Hugo Chavez, who died in 2013. By Fabiola Zerpa, Nicolle Yapur and Jef Feeley, Full Text -> Bloomberg News
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