Companies owed more than $21 billion have sought the sale of Venezuela’s U.S. refining unit, Citgo, to satisfy unpaid arbitration claims. The case has charted new legal territory for enforcement of international arbitration awards, while also penetrating the walls of sovereign and corporate immunity.
July 10, 2024 at 04:28 PM
3 minute read
Latin America Correspondent
A Delaware court has delayed until September a much-anticipated hearing to determine the winning bid for a Venezuela-owned refining company.
The sale overseen by retired Skadden, Arps, Slate, Meagher & Flom partner Robert Pincus is meant to satisfy some of the claims awarded against Venezuela in arbitration.
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CITGO Petroleum Headquarters in Houston, TX. Credit: JHVEPhoto/Adobe Stock
