Crystallex Points To Order On Bond Case In $1.2B Award Fight

Law360 (October 22, 2020, 7:50 PM EDT) -- Crystallex is pressing a Delaware federal judge to forge ahead with a sale of Citgo's parent company as other creditors of Venezuela begin to close in on the country's most valuable U.S. asset, pointing to a New York judge's order last week enforcing $1.68 billion in defaulted Venezuelan bonds.

The Canadian mining company, which is owed some $1.2 billion under an arbitral award issued against Venezuela more than four years ago, told U.S. District Judge Leonard P. Stark in a Wednesday letter that even though the bondholders can't pursue a sale of Citgo just yet due to U.S. sanctions on Venezuela,...

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