Amber Energy has submitted a lower-priced bid for Venezuela's PDV Holding Citgo's parent company with a direct payout to creditors, hoping to address their concerns from the initial offer.
Amber Energy , which has been selected to buy Venezuela ’s PDV Holding, the parent company of refiner Citgo , has proposed a new bid, which is lower in value but could meet some demands from the company creditors waiting for years to be paid from the sale. Amber Energy , which is backed by a group of strategic U.S. energy investors, including Elliott Investment Management, has made a new $5.3-billion offer for Citgo ’s parent company, $2 billion lower than the initial bid of $7.
However, the many creditors of Citgo have been unhappy with the structure of the initially proposed transaction which envisages a trust structure for payments. The new bid now offers creditors would be paid directly after the acquisition is finalized. Now the court-appointed special master will consider both offers from Amber Energy, as well as any other offers that interested buyers can submit during the so-called topping period.
Venezuela PDV Holding Amber Energy Creditors Bid Oil Assets Delaware Court Debt Investment
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