Venezuela Resists Creditor Attempt To Seize Citgo

Law360 (May 26, 2021, 9:53 PM EDT) -- Venezuela and its state-owned oil company Petróleos de Venezuela SA say they aren't alter egos of each other under a new president, but two of the country's creditors urged a Delaware federal court to hand them shares of PDVSA subsidiary Citgo to fulfill arbitral awards.

Nicolás Maduro and Juan Guaidó have been embroiled in a dispute since 2018 over who is the legitimate president of Venezuela.

Ship-maker Huntington Ingalls and OI European Group BV glass-making subsidiary Owens-Illinois are two of many companies trying to seize shares of Citgo, a subsidiary of state-owned PDVSA that is commonly called the "foreign crown jewel"...

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