Bloomberg — Canadian miner Gold Reserve Inc. said it has submitted a credit offer for shares of PDV Holdings Inc., the parent company of Citgo Petroleum Corp., according to a statement distributed by Business Wire.
Also read: Venezuelan creditors seek help from JPMorgan for US$7 billion bid for Citgo
Final offers were due Tuesday as part of a process to sell PDV Holding, which controls Citgo, Venezuela’s most important foreign asset, in an auction to pay creditors. The sale hearing is scheduled for July 15.
PDV is itself a subsidiary of the state oil giant Petróleos de Venezuela SA, or PDVSA.
Gold Reserve is said to be among a group seeking financing from JPMorgan Chase & Co. (JPM) in a $7 billion offering. Gold Reserve’s statement did not disclose the amount of the offer.
We recommend: Citgo’s Venezuelan parent company is considering bankruptcy in the US to stop the sale
Between them, the group is said to have more than US$20 billion in judgments against Venezuela for arbitration awards, unpaid debts and defaulted bonds.
As part of the offer, Gold Reserve signed an indication of interest with FJ Management Inc., which would participate in ownership, collaboration and operational oversight if the offer is successful, according to the statement.
Read more at Bloomberg.com
