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National Post
3 days ago
- Business
- National Post
Gold Reserve Provides Update on Objections to the Special Master's Final Recommendation in the CITGO Sale Process
Article content PEMBROKE, Bermuda — Gold Reserve Ltd. (TSX.V: GRZ) (OTCQX: GDRZF) ('Gold Reserve' or the 'Company') announces that, pursuant to the schedule set by the U.S. District Court for the District of Delaware (the 'Court'), various parties filed memoranda in support of objections to the Special Master's Final Recommendation that Gold Reserve's U.S. acquisition subsidiary, Dalinar Energy Corporation, should be selected by the Court to purchase the shares of PDV Holding, Inc. ('PDVH'), the indirect parent company of CITGO Petroleum Corp. ('CITGO'). Article content The objections mostly tracked the 'Notices of Objection' filed on July 7, 2025 (and announced by the Company here) but, in a material change, Red Tree Investments LLC ('Red Tree') stated that 'it no longer objects on the basis that the Court should pick its bid instead of Gold Reserve's.' This means that the Gold Reserve / Dalinar Energy bid recommended by the Special Master is the only conforming bid remaining in the Delaware Sale Process. Article content The parties that filed memoranda in support of objections are as follows: Article content Red Tree; Crystallex International Corporation; the ConocoPhillips companies (filed a 'limited objection'); the ACL1 companies and OI European Group B.V. (both filed short joinders to certain of the objections filed by Crystallex and the ConocoPhillips companies); the 'Venezuela Parties' (the Bolivarian Republic of Venezuela, PDVSA, PDVH and CITGO) (filed under seal); and the 2020 bondholders (joined by the Trustee and Collateral Agent for the 2020 bonds). Article content Under the Court's schedule, responses to the objections are due by August 7, 2025, and further briefing is then to take place in advance of the August 18, 2025 Sale Hearing. A period of limited discovery regarding the objections is now ongoing. Article content A copy of the filings can be found here. Article content A complete description of the Delaware sale proceedings can be found on the Public Access to Court Electronic Records system in Crystallex International Corporation v. Bolivarian Republic of Venezuela, 1:17-mc-00151-LPS (D. Del.) and its related proceedings. Article content Cautionary Statement Regarding Forward-Looking statements Article content This release contains 'forward-looking statements' within the meaning of applicable U.S. federal securities laws and 'forward-looking information' within the meaning of applicable Canadian provincial and territorial securities laws and state Gold Reserve's and its management's intentions, hopes, beliefs, expectations or predictions for the future. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management at this time, are inherently subject to significant business, economic and competitive uncertainties and contingencies. They are frequently characterized by words such as 'anticipates', 'plan', 'continue', 'expect', 'project', 'intend', 'believe', 'anticipate', 'estimate', 'may', 'will', 'potential', 'proposed', 'positioned' and other similar words, or statements that certain events or conditions 'may' or 'will' occur. Forward-looking statements contained in this press release include, but are not limited to, statements relating to any bid submitted by the Company for the purchase of the PDVH shares (the 'Bid'). Article content We caution that such forward-looking statements involve known and unknown risks, uncertainties and other risks that may cause the actual events, outcomes or results of Gold Reserve to be materially different from our estimated outcomes, results, performance, or achievements expressed or implied by those forward-looking statements, including but not limited to: the discretion of the Special Master to consider the Bid, to enter into any discussions or negotiation with respect thereto; the Bid will not be approved by the Court as the 'Final Recommend Bid' under the Bidding Procedures, and if approved by the Court may not close, including as a result of not obtaining necessary regulatory approvals, including but not limited to any necessary approvals from the U.S. Office of Foreign Asset Control ('OFAC'), the U.S. Committee on Foreign Investment in the United States, the U.S. Federal Trade Commission or the TSX Venture Exchange; failure of the Company or any other party to obtain sufficient equity and/or debt financing or any required shareholders approvals for, or satisfy other conditions to effect, any transaction resulting from the Bid; that the Company may forfeit any cash amount deposit made due to failing to complete the Bid or otherwise; that the making of the Bid or any transaction resulting therefrom may involve unexpected costs, liabilities or delays; that, prior to or as a result of the completion of any transaction contemplated by the Bid, the business of the Company may experience significant disruptions due to transaction related uncertainty, industry conditions, tariff wars or other factors; the ability to enforce the writ of attachment granted to the Company; the timing set for various reports and/or other matters with respect to the Sale Process may not be met; the ability of the Company to otherwise participate in the Sale Process (and related costs associated therewith Article content ) Article content ; the amount, if any, of proceeds associated with the Sale Process; the competing claims of other creditors of Venezuela, PDVSA and the Company, including any interest on such creditors' judgements and any priority afforded thereto; uncertainties with respect to possible settlements between Venezuela and other creditors and the impact of any such settlements on the amount of funds that may be available under the Sale Process; and the proceeds from the Sale Process may not be sufficient to satisfy the amounts outstanding under the Company's September 2014 arbitral award and/or corresponding November 15, 2015 U.S. judgement in full; and the ramifications of bankruptcy with respect to the Sale Process and/or the Company's claims, including as a result of the priority of other claims. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. For a more detailed discussion of the risk factors affecting the Company's business, see the Company's Management's Discussion & Analysis for the year ended December 31, 2024 and other reports that have been filed on SEDAR+ and are available under the Company's profile at Article content Investors are cautioned not to put undue reliance on forward-looking statements. All subsequent written and oral forward-looking statements attributable to Gold Reserve or persons acting on its behalf are expressly qualified in their entirety by this notice. Gold Reserve disclaims any intent or obligation to update publicly or otherwise revise any forward-looking statements or the foregoing list of assumptions or factors, whether as a result of new information, future events or otherwise, subject to its disclosure obligations under applicable rules promulgated by applicable Canadian provincial and territorial securities laws. Article content Article content Article content Article content
Wall Street Journal
10-07-2025
- Business
- Wall Street Journal
Venezuela's Disputed Bond Complicates Citgo Sale
Bondholders are moving to block the forced sale of Venezuela's Citgo Petroleum, setting up a clash with some of the country's other creditors over control of its most valuable external asset. A group of bondholders owed some $1.7 billion by Citgo's ultimate parent company, Petróleos de Venezuela SA, has been excluded from the latest offer for the company. The group, referred to as the 2020 bondholders, had agreed to a deal in April with Citgo's previous leading bidder, Contrarian Capital-backed Red Tree Investments.
Bloomberg
16-06-2025
- Business
- Bloomberg
Elliott Affiliate Weighs New Bid for Citgo as Legal Risks Ease
An Elliott Investment Management affiliate is considering rejoining the bidding for Citgo Petroleum Corp. 's parent company, according to people familiar with the matter. The affiliate, Amber Energy, had pulled out of the sale last month, leaving three groups of bidders to compete for the asset, including Red Tree Investments LLC, Vitol and a consortium led by Gold Reserve. But since then, other potential buyers, including TPG Angelo Gordon, have entered the contest, lured by easing legal risks related to the sale.
Yahoo
21-04-2025
- Business
- Yahoo
US judge confirms Red Tree's offer as starting bid in Citgo parent's shares auction
HOUSTON (Reuters) -A U.S. federal judge on Monday confirmed a $3.7 billion offer by Contrarian Funds' affiliate Red Tree Investments as the starting bid in an auction of shares in the parent of Venezuela-owned refiner Citgo Petroleum to pay creditors and bondholders, according to a court filing. The offer had been recommended by a court officer overseeing the auction due to its certainty of closure. Sign in to access your portfolio
Reuters
21-04-2025
- Business
- Reuters
US judge confirms Red Tree's offer as starting bid in Citgo parent's shares auction
HOUSTON, April 21 (Reuters) - A U.S. federal judge on Monday confirmed a $3.7 billion offer by Contrarian Funds' affiliate Red Tree Investments as the starting bid in an auction of shares in the parent of Venezuela-owned refiner Citgo Petroleum to pay creditors and bondholders, according to a court filing. The offer had been recommended by a court officer overseeing the auction due to its certainty of closure.
