CITGO
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Special Master Recommends $2 Billion Lower Bid from Amber Energy in CITGO Sale
Gold Reserve Ltd.’s subsidiary, Dalinar Energy, lost the auction for PDV Holding, Inc. (CITGO’s parent company) to Amber Energy Inc., despite a higher revised bid of $7.9 billion. Gold Reserve plans to challenge the decision, citing grounds for objection after Amber Energy’s winning bid of $5.9 billion. Dalinar Energy claims its bid offered superior economic value, including debt financing and consideration for junior creditors. An objection deadline is set for September 6, 2025, followed by a hearing on September 15, 2025.
