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Venezuela's deals to shield Citgo from creditors now in doubt
Source: Reuters
BUSINESS NEWS DECEMBER 11, 2018 / 5:38 PM / UPDATED 40 MINUTES AGO
Venezuela's deals to shield Citgo from creditors now in doubt
Tom Hals
3 MIN READ
WILMINGTON, Del. (Reuters) - Venezuela is facing the possible unraveling of a pair of billion-dollar settlements aimed at protecting the cash-strapped country’s U.S.-based Citgo Petroleum Corp from seizure by creditors.
A lawyer for Canadian mining company Crystallex International Corp said on Tuesday Venezuela had breached the $1.4 billion November agreement that resolved a long-running fight over an expropriated gold mine.
Separately, Venezuela’s $1.3 billion settlement in October with Rusoro Mining of Vancouver, also over expropriated mining assets, has been upended by U.S. sanctions on Caracas, a source told Reuters.
Venezuela’s Information Ministry did not immediately reply to a request for comment.
Both companies had their sights on getting a U.S. court order to auction the parent company of Citgo, which is indirectly owned by Venezuela through its state oil company, PDVSA.
-snip-
Venezuela's deals to shield Citgo from creditors now in doubt
Tom Hals
3 MIN READ
WILMINGTON, Del. (Reuters) - Venezuela is facing the possible unraveling of a pair of billion-dollar settlements aimed at protecting the cash-strapped country’s U.S.-based Citgo Petroleum Corp from seizure by creditors.
A lawyer for Canadian mining company Crystallex International Corp said on Tuesday Venezuela had breached the $1.4 billion November agreement that resolved a long-running fight over an expropriated gold mine.
Separately, Venezuela’s $1.3 billion settlement in October with Rusoro Mining of Vancouver, also over expropriated mining assets, has been upended by U.S. sanctions on Caracas, a source told Reuters.
Venezuela’s Information Ministry did not immediately reply to a request for comment.
Both companies had their sights on getting a U.S. court order to auction the parent company of Citgo, which is indirectly owned by Venezuela through its state oil company, PDVSA.
-snip-
Read more: https://www.reuters.com/article/us-venezuela-pdvsa-crystallex/venezuelas-deals-to-shield-citgo-from-creditors-now-in-doubt-idUSKBN1OA2M9