CITGO Petroleum Headquarters in Houston, TX. Credit: JHVEPhoto/Adobe StockBig Law Heavyweights Wrestle in High-Stakes Sale of Venezuela’s Citgo
A former Skadden, Arps, Slate, Meagher & Flom partner is managing the sale of Venezuela’s prized international asset, whose sale is being sought to settle debts owed to claimants represented by firms including Gibson Dunn & Crutcher. Concerns are mounting about the case's mounting legal costs.
January 02, 2025 at 04:22 PM
4 minute read
A U.S. bankruptcy judge has reopened bidding for the parent company of Venezuela-owned oil refiner Citgo Petroleum in an effort to secure a higher price tag as creditors scramble to collect from the sale of the South American country’s most-prized foreign asset.
More than a dozen entities have brought claims against Venezuela that total more than $20 billion, only part of which would be satisfied via the sale of Citgo, the seventh-largest oil refiner in the U.S.
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