Elliott Affiliate recommended as winner in $5.89 billion Citgo auction

Elliott’s Amber Energy made the top bid for PDV Holding, Citgo’s parent. [https://invezz.com/wp-content/uploads/2025/04/citgo-invezz.png] According to papers released late Friday, an Elliott Investment Management affiliate has emerged as the preferred winner in the long-running US court-supervised auction of shares in Citgo Petroleum’s parent company. Robert Pincus, the court-appointed officer monitoring the process, supported Elliott’s Amber Energy unit’s $5.89 billion offer, despite a competing bid from mining business Gold Reserve with a higher headline value. The Delaware court-run auction is intended to settle creditors’ claims for restitution of assets expropriated by Venezuela and debts that have gone unpaid for nearly a decade. If upheld, the recommendation would be a significant step toward resolving problems involving Citgo, the Houston-based refiner long regarded as Venezuela’s most valuable foreign asset. THE BIDDING RACE TIGHTENS IN THE LAST STAGE. The battle heated up in the auction’s final days, fuelled by decisions in linked legal cases that drove bidders to revise their offers. Judge Leonard Stark of the United States District Court in Delaware is likely to reach a final decision during a hearing set for next…