U.S. Court Approves Floor-Setting $3.7-Billion Bid for Citgo’s Parent ...Middle East

A judge in a Delaware court has approved a $3.7-billion bid by Red Tree Investments as the floor-setting offer in a court-mandated auction of the parent company of Venezuela-owned refiner Citgo. U.S. District Judge Leonard Stark decided that the offer from Red Tree Investments would be the starting bid in the auction which the Delaware court is holding for years to auction off assets of Venezuela’s PDV Holding, the parent company of Citgo. The sale process of shares to pay creditors and claimants against Venezuela’s oil asset appropriation…

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