"At the end of November, Elliott-backed Amber Energy won an oft-delayed and hotly contested court-ordered auction for Citgo at a discounted price of $5.9 billion. The company also has to pay more than $2 billion for holders of defaulted Venezuelan bonds. Legal appeals from Venezuela and other bidders remain pending, but the deal is still expected to close by the end of this year, according to energy analysts."
"Its network refines 800,000-barrels a day at sites in Louisiana, Texas, and Illinois. It has branding and fuel marketing deals with 4,000 independently owned retail outlets throughout the East Coast, Midwest, and South. Despite Citgo's 115-year history, the company has been quietly and entirely owned by Venezuela and its state-owned oil company PDVSA since 1990. The company became a target in the legal fight to pay off creditors"
Amber Energy, backed by Elliott Investment Management, won a court-ordered auction to acquire Citgo for $5.9 billion and must also pay more than $2 billion to holders of defaulted Venezuelan bonds. Legal appeals from Venezuela and other bidders remain pending, but energy analysts expect the deal to close by year-end. Citgo operates three U.S. refineries, pipelines, terminals and a network refining 800,000 barrels per day, and has branding agreements with about 4,000 retail outlets. Citgo has been owned by Venezuela and PDVSA since 1990 and became the focus of creditor claims after expropriations under Hugo Chávez.
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