Elliott-backed Amber Energy tops Gold Reserve in latest Citgo parent bidding round - report

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A court-appointed adviser said a revised bid filed by Amber Energy, an affiliate of Elliott Investment Management, topped Gold Reserve’s (TSXV:GRZ:CA [https://seekingalpha.com/symbol/GRZ:CA]) (OTCQX:GDRZF [https://seekingalpha.com/symbol/GDRZF]) offer in the latest bidding round to purchase the parent company of Citgo Petroleum, _Bloomberg_ reported.

The decision is yet another twist in the years-long legal battle for PDV Holding, Citgo’s parent, which is being sold off by a Delaware court to satisfy around $20 billion in judgments against Venezuela and its state-owned company Petroleos de Venezuela.

The sale hearing is scheduled to begin Sept. 15, the report said.

The Amber Energy bid, revised on August 22, provides a purchase price comprised of cash and non-cash consideration, with consent from the first creditors in line to receive payment from the action.

The offer also includes an additional amount to satisfy part of Gold Reserve’s claim against Venezuela, if the company chooses to accept it, the report said.

MORE ON GOLD RESERVE

* Gold Reserve-led group's $7.4B bid for Citgo parent wins court recommendation [https://seekingalpha.com/news/4465205-gold-reserve-led-groups-7_4b-bid-for-citgo-parent-wins-court-recommendation]
* Citgo auction advisor set to recommend Gold Reserve bid - Bloomberg [https://seekingalpha.com/news/4465060-citgo-auction-advisor-set-to-recommend-gold-reserve-bid---bloomberg]
* Financial information for Gold Reserve [https://seekingalpha.com/symbol/GDRZF/income-statement]