Demand for $40 Billion Bond From Venezuela Snags Citgo Auction [BNN Bloomberg (Canada)]
ConocoPhillips (COP)
Last conocophillips earnings: 4/30 07:00 am
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Source: BNN Bloomberg
After a lengthy legal battle, Citgo finally seems within their grasp with a court-ordered auction process set to begin next month. But now the sale may have hit a $40 billion roadblock. That's the amount of a bond that Citgo's direct US parent, PDV Holding Inc., says will have to be posted by their overall parent, Venezuelan state-owned oil company Petroleos de Venezuela SA, or PDVSA, before PDVH will issue replacement stock certificates required for the auction to go forward. PDVSA has already said it can't pay any bond due to US sanctions on Venezuela. Creditors say the demand is aimed at slowing or halting the Citgo auction, which could raise some $14 billion to cover arbitration awards issued against Venezuela as well as other claims arising from a wave of nationalizations begun by late President Hugo Chavez in the 2000s. Miguel Estrada, a lawyer for one of the biggest creditors, said earlier this month that the bond demand was artificially high and likely intended to “derai
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