U.S. Court Sanctions Sale of PDV Holding Shares

A U.S. judge approved the sale of PDV Holding’s shares to Elliott Investment Management after Amber Energy's $5.9 billion bid. This decision concludes a two-year auction aimed at compensating creditors linked to Venezuela through debt defaults and expropriations.

A decision by a U.S. judge has authorized the sale of shares in PDV Holding to an affiliate of hedge fund Elliott Investment Management. This follows the earlier approval of a $5.9 billion offer from Amber Energy, approved during a court-organized auction designed to resolve financial claims against Venezuela-linked creditors.

PDV Holding serves as the parent company to Citgo Petroleum, a U.S. refiner owned by Venezuela. The court's ruling effectively concludes a two-year auction process, intended to address financial obligations arising from debt defaults and nationalization efforts in Venezuela.

The resolution reflects ongoing international efforts to settle financial disputes involving Venezuela, with the funds from the sale earmarked to compensate up to 15 aggrieved creditors.

(With inputs from agencies.)