Elliott’s Bid for Citgo Tops Gold Reserve’s, Adviser Says

A court-appointed adviser said a revised bid filed by Amber Energy, an affiliate of Elliott Investment Management, topped Gold Reserve’s offer in the latest bidding round to purchase the parent company of Citgo Petroleum Corp.

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.