Judge Allows Citgo Sales Process To Go Forward

By Caroline Simson (March 2, 2022, 2:10 PM EST) -- A Delaware judge ruled Wednesday that he will not wait for an official signoff from the Biden administration to continue organizing the sales procedures for shares in Citgo's parent company as a defunct Canadian miner looks to enforce a $1.2 billion arbitral award against Venezuela.

U.S. District Judge Leonard P. Stark found that U.S.-imposed sanctions against Venezuela do not prevent the court from taking "prefatory" steps toward a sale of shares in PDV Holding, the indirect parent of the oil giant Citgo that's owned by Venezuela's state-owned oil company, PDVSA.

"The court concludes that nothing prohibits it from taking such actions,...

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