Elliott Affiliate Leads $7B PDV Holding Auction in US Court

An affiliate of Elliott Investment Management, Amber Energy, has submitted the highest bid in the auction for PDV Holding, the parent company of Citgo Petroleum, surpassing a $7.4 billion offer from Gold Reserve's Dalinar Energy. Amber's proposal includes $5.86 billion in cash payments to creditors and a $2.86 billion settlement with bondholders tied to defaulted Venezuelan debt collateralized by Citgo equity, potentially resolving long-standing disputes. Dalinar Energy now has three business days to match or exceed Amber's offer to remain competitive, with a final sale hearing scheduled for mid-September before Delaware Judge Leonard Stark. This bidding development represents a significant shift in the years-long legal and financial battle to satisfy approximately $20 billion in judgments against Venezuela and its state-owned company, Petroleos de Venezuela. The outcome of this auction could have major implications for Citgo, the United States' seventh-largest oil refiner, and the creditors involved. Court officer Robert Pincus's recommendation and ongoing legal proceedings underscore the high stakes and complexity of the process.