US court launches 30-day competition for Citgo parent's shares
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Apr 25 2025
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Source: Reuters
Auction of Citgo Petroleum Shares: A U.S. court has approved a 30-day bidding period starting April 28 for shares in Citgo Petroleum, with a final decision on the winning bid expected by June 11. The initial bid of $3.7 billion from Red Tree Investments has sparked competition among creditors, who are seeking a total of $21 billion in compensation.
Concerns Over Bid Valuation: Some creditors, including Gold Reserve, have expressed concerns that the stalking horse bid from Red Tree is undervalued and overly complex, potentially disadvantaging judgment creditors. The auction process will include a hearing on July 22 to finalize the sale.
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.
