Elliott and Gold Reserve Partners Prepare Bids for Citgo's Parent Company as Deadline Approaches

Written by Emily J. Thompson, Senior Investment Analyst

Source: Reuters

Updated: Aug 22 2025

0mins

Source: Reuters

Auction for Citgo Petroleum Shares: A U.S. court officer is set to recommend a winner in the auction for shares of Citgo Petroleum's parent company, with hedge fund Elliott Investment Management and miner Gold Reserve leading the bids.
Bidding Competition: The bidding has intensified between Gold Reserve's subsidiary Dalinar Energy and Elliott's Amber Energy, with a deadline extension allowing for further offers and negotiations.
Key Offer Differences: The competing bids differ significantly in cash versus non-cash considerations, with Amber having reached an agreement with most bondholders, while Gold Reserve's bid does not include such provisions.
Court's Priorities: The court has instructed that price should be prioritized over certainty of closure in the auction process, aiming to compensate creditors up to $19 billion for debts related to Venezuela.

About the author

Emily J. Thompson

Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.