{"id":38088,"date":"2023-07-20T06:40:04","date_gmt":"2023-07-20T10:40:04","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/us-extends-citgo-petroleums-protection-from-venezuela-creditors-to-october\/"},"modified":"2023-07-20T06:40:06","modified_gmt":"2023-07-20T10:40:06","slug":"us-extends-citgo-petroleums-protection-from-venezuela-creditors-to-october","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=38088","title":{"rendered":"US extends Citgo Petroleum’s protection from Venezuela creditors to October"},"content":{"rendered":"
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\u00a9 Reuters. FILE PHOTO: Citgo Corpus Christi Refinery is seen in Corpus Christi, Texas, U.S., January 25, 2019. Picture taken on January 25, 2019. REUTERS\/Erwin Seba\/File Photo<\/span>
\n<\/i>\n<\/div>\n

By Marianna Parraga<\/p>\n

HOUSTON (Reuters) -The U.S. Treasury Department on Wednesday renewed a license that protects Venezuela-owned refiner Citgo Petroleum from creditors seeking to seize the company’s assets to recoup claims against the country’s state oil firm. <\/p>\n

The renewal would allow the supervisory board that oversees Citgo to continue efforts to reach settlements with nearly a dozen firms seeking an auction of shares in the parent of the seventh-largest U.S. oil refiner. <\/p>\n

A negotiating team representing the South American country has held settlement talks with some of those creditors and holders of defaulted PDVSA bonds. <\/p>\n

The U.S. has shielded Houston-based Citgo from creditors since the company in 2019 severed ties with its ultimate parent, Venezuela’s state oil firm Petroleos de Venezuela, which is controlled by President Nicolas Maduro.<\/p>\n

Wednesday’s Treasury license bars transactions in PDVSA debt through Oct. 19. <\/p>\n

Horacio Medina, chief of the board that supervises Citgo, did not immediately reply to a request for comment. Citgo declined to comment. <\/p>\n

A sales process for Citgo shares that could begin as soon as September is under consideration by a U.S. judge in Delaware. The proposed auction could be used to satisfy some $2.7 billion in claims for expropriation of Venezuelan assets and judgments from Crystallex International, ConocoPhillips (NYSE:), Siemens Energy and Red Tree Investments.<\/p>\n

Six other companies also have attachments contingent on obtaining U.S. Treasury approval to seize assets. Their judgments total $3.46 billion. The six companies are: O-I Glass (NYSE:) , Huntington Ingalls (NYSE:) Industries, ACL1 Investments, Rusoro Mining, Gold Reserve and two Koch Industries units. <\/p>\n

Citgo last year posted a record $2.8 billion annual profit, and a $937 million profit in the first quarter, giving it room to negotiate payments with some creditors, which in total are claiming more than $20 billion.<\/p>\n

Holders of PDVSA’s defaulted 2020 bonds, which are backed by a 50.1% stake in a Citgo parent, in 2020 won a court judgment allowing them to collect $1.9 billion in defaulted principal and interest payments. The group is asking a New York court to authorize the use of the company’s U.S. oil pipeline and refining assets to help settle debt restructuring negotiations.<\/p>\n

If PDVSA loses an appeal challenging the bonds’ validity, U.S. District Judge Katherine Polk Failla in Manhattan could release a hold on that case. Venezuela this month lost a separate appeal trying to block new creditors from attaching to the Delaware case.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. FILE PHOTO: Citgo Corpus Christi Refinery is seen in Corpus Christi, Texas, U.S., January 25, 2019. Picture taken on January 25, 2019. REUTERS\/Erwin Seba\/File Photo By Marianna Parraga HOUSTON (Reuters) -The U.S. Treasury Department on Wednesday renewed a license that protects Venezuela-owned refiner Citgo Petroleum from creditors seeking to seize the company’s assets […]<\/p>\n","protected":false},"author":1,"featured_media":38089,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-38088","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nUS extends Citgo Petroleum's protection from Venezuela creditors to October | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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