Elliott-Linked Firm Leads the Pack in Citgo Auction, According to Filing

Written by Emily J. Thompson, Senior Investment Analyst

Source: Reuters

Updated: Aug 26 2025

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Source: Reuters

Auction Update: A U.S. court officer announced that Elliott Investment Management's affiliate made the best bid for PDV Holding, the parent company of Citgo Petroleum, surpassing a previous recommendation for Gold Reserve's subsidiary Dalinar Energy.
Bidding Dynamics: The auction saw improved bids in its final stages due to recent court decisions that encouraged new offers, with Dalinar having three business days to match or exceed Elliott's bid.
Details of Bids: Amber Energy's bid, raised on August 22, includes $5.86 billion to creditors and aims to settle claims against Citgo's parent company, PDVSA, potentially resolving $2.86 billion in claims.
Future Proceedings: A sale hearing is scheduled for mid-September, where Delaware Judge Leonard Stark will make a final decision on the winning bid amidst ongoing creditor disputes over nearly $19 billion since Venezuela's asset expropriation.

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.