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U.S. Court Hearing on Citgo Petroleum Auction Delayed
A court in the United States has been approached to delay a hearing to present the leading bid in an auction of shares in the parent company of Venezuela-owned Citgo Petroleum. According to a motion filed on Friday, the proposed new date for the hearing is September 19. This delay would allow the court officer, who is currently evaluating bids in a Delaware court auction, additional time to complete his assessment and finalize negotiations with interested parties. Importantly, this motion requires the judge's approval to be enacted.
This auction represents an unprecedented sale that is anticipated to result in a change of ownership for Citgo Petroleum, Venezuela’s prized foreign asset. The proceedings are the result of a prolonged seven-year legal battle aimed at satisfying $21.3 billion in claims against the South American nation. Initially, the court had planned to conclude the sale process, including two rounds of bidding, by July 15. This date was strategically set just days ahead of Venezuela's presidential election on July 28, an event viewed by Washington as a potential turning point for the country's ongoing political crisis.
