A U.S. court auctioning shares in Citgo Petroleum’s parent to repay creditors has received an unsolicited competing bid, court officer Robert Pincus said in a filing.
Pincus recommended a $7.4 billion offer from a group led by a Gold Reserve subsidiary last month, but the judge must still approve it because of creditor objections. The new party, referred to as “Bidder B,” gained access to Citgo’s data in July and is in talks with stakeholders whose consent is required.
Gold Reserve said Pincus has not deemed the bid superior to its own. The auction aims to settle claims over Venezuela’s asset seizures and debt defaults.
