Citgo Denies Bankruptcy Rumor In Wake Of WSJ Report

Law360 (February 1, 2019, 10:08 PM EST) -- Citgo Petroleum Corp., a Houston-based oil refiner owned by Venezuela's state oil giant, said Friday it "has no intention of entering into bankruptcy proceedings" after the Wall Street Journal reported the company is considering that option amid Venezuela's political power crisis and U.S. sanctions.

In response to a Thursday report that Citgo has considered filing for bankruptcy to protect its assets and operations in the midst of political turmoil over who is in control of the Venezuelan government, the refiner suggested in a statement provided to Law360 that it sees no need to head down that path.

“Citgo has no intention...

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