The second round of bidding for Venezuela's seized assets is underway, with creditors hoping for bids closer to $10 billion to recoup their losses.
CVR Energy, a refining company owned by Carl Icahn, is among the bidders for shares in the parent company of Citgo, PDV Holding, Reuters has reported, citing unnamed sources. CVR Energy operates two refineries, one in Kansas and one in Oklahoma. Carl Icahn holds a 66% stake in the company. The refiner is working with Wells Fargo to raise the money for its bid, the Reuters sources said.
A first bidding round with non-binding offers ended earlier this year, and the deadline for submitting of binding bids in second bidding round was July 1. Overall, creditors and claimants have sought to recoup at courts in Delaware a total of $24 billion in claims and arbitration awards against Venezuela. However, in the first round of the auction the highest bid was only $7.3 billion, which is just one-third of the value of the claims approved by the court, Reuters reported in March this year.
Asset Auction Creditors Arbitration Awards Elliott Investment Management Second Bidding Round $24 Billion Seized Assets Deadline Competitive Bids
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