Intricate Legal Maneuvers in Citgo Auction Continue

A Delaware court hearing to finalize the sale of shares in the parent company of Venezuela-owned Citgo Petroleum resumed after being temporarily halted. Lawyers reviewed a separate New York decision regarding the validity of defaulted Venezuelan bonds linked to Citgo equity. The hearing may extend into October.

The Delaware court resumed proceedings on Thursday to finalize the auction of shares in the parent company of Citgo Petroleum, a subsidiary owned by Venezuela, after a brief pause.

The hearing had been temporarily suspended for legal teams to examine a separate ruling from a New York case which confirmed the legitimacy of some defaulted Venezuelan bonds.

This high-stakes legal battle over Citgo, a prized asset, has already involved more than 30 hours of testimony. While the hearing might conclude soon, the judge indicated it could also extend into October.

(With inputs from agencies.)