Elliott affiliate’s $5.89 billion bid recommended as winner of Citgo auction

Written by Mariana Paraja

Houston (Reuters)-A $ 5.89 billion from the Elliott investment Management company as a winner at an organized auction of the American Court of shares in the father in the sales process that was filled by the officer.

The improved bidding appeared in the final stages of the auction, which is motivated by the court rulings in parallel legal cases that encouraged the reviews. Dilayer Leonard Stark judge is expected to make a final decision on the winner after a court hearing next month.

The recommendation submitted by the court officer Robert Pinkos came despite the last minute of a MINER GOLD Reserve company earlier this week to sweeten its offer of $ 7.4 billion, which was previously distinguished as the candidate.

Earlier this month, PINCUS said that an improved Ellegy’s improved attempt was superior. The court gave three days to the Gold Reserve group to try to match it.

PINCUS said on Friday that the deal proposed by the Gold Reservation Dalinar Energy “does not coincide with the treatment or exceeding the treatment of amber, and therefore, the treatment of amber is continuing to form a superior proposal.”

However, he left the door open to the court to request a future review of its recommendation based on the “overlapping events”.

The auction revenues are expected to compensate some of the 15 creditors who have been fighting since 2017 to recover nearly $ 19 billion in US courts after the confiscation of Venezuela and failed to pay off debts.

Amber offer completely covers nine demands, showed one of the deposits, compared to the demand of the 12 which the Golden Reserve Group proposed compensation. However, it includes a separate agreement with more than 75 % of Venezuelan bond holders with Citgo Equity to settle their demand by paying $ 2.13 billion in cash.

Amber also provides a partial compensation of $ 500 million to the gold reserve, which wants to cover the auction revenues confiscating mining assets in Venezuela. One of the mines said about the show.

Siemens Energy, Consorcio Annino and Valores Mondiales have raised this week requests to cancel ABER qualifications, saying that PINCUS decision was superior to “ignoring bidding procedures”. These suggestions are under review.

(Participated in the coverage, Mariana Paraja, edited by Nathan Crocs)