Judgment Day Nears in Citgo Auction Battle

In a high-stakes legal showdown, a U.S. federal judge announced he will soon make critical rulings regarding the auction of Citgo Petroleum’s parent company. Judge Leonard Stark will address motions seeking his disqualification, along with objections to what has been identified as the winning bid recommendation.

This follows a series of hearings since September, where multiple bidders and 15 creditors contested issues related to the sale process of PDV Holding, Citgo’s parent firm. The company, owned by Venezuela, is at the heart of a tense auction process drawing varied interests.

Motions introduced by bidder Gold Reserve and Venezuelan parties allege conflicts of interest during bid evaluations. A bid by emerging party Blue Water was denied, though the option to renew remains. Stark's rulings are anticipated to significantly influence the controversial auction timeline.