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Delaware court rejects stalking horse bid in Citgo auction, prioritizing fair and open process.

Delaware Court Declines Stalking Horse Bid for Citgo Auction

Delaware court rules out stalking horse bid, sets tentative sale hearing date for Citgo shares

By Marianna Parraga

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No Minimum Price Set for Citgo Shares

The U.S. federal court overseeing the auction of shares in oil refiner Citgo Petroleum’s parent company has decided against seeking a stalking horse bid to establish a minimum price for the shares. Special Master Robert Pincus stated that potential bidders will be approached by the court or can request inclusion in the sales process. Two rounds of bidding will be conducted.

Sale Hearing Date Tentatively Set for July

Pincus also announced that the court has tentatively scheduled the final sale hearing for July 15. This gives interested parties ample time to prepare their bids and complete the necessary procedures for participation.

With this ruling, the court aims to ensure a fair and competitive auction process for the Citgo shares, maximizing the potential return for Venezuela-linked creditors. By not setting a minimum price, bidders will have the flexibility to evaluate the shares based on their own assessments and market conditions.

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This decision showcases the court’s commitment to transparency and a level playing field, promoting a robust and dynamic bidding environment. Interested parties will have the opportunity to present their offers, enabling the court to select the most advantageous bid for the creditors.

Overall, this ruling sets the stage for an exciting and engaging auction process, with multiple potential bidders vying for the Citgo shares. It will be interesting to observe the outcome of this auction and see how it impacts the future of Citgo Petroleum.

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