- The U.S. District Court has adopted the Special Master’s recommendation, selecting Red Tree's bid as the stalking horse bid for Citgo's shares.
- The Court expects the final bid to meet or exceed $7.081 billion, the amount proposed by Gold Reserve Ltd. and its consortium partners.
- Key deadlines include an April 24, 2025 order and a July 22-24, 2025 Sale Hearing.
The U.S. District Court for the District of Delaware has issued a significant order in the Citgo sale process, adopting the Special Master’s recommendation to select Red Tree’s bid as the stalking horse bid for the shares of PDVH, Citgo Petroleum's indirect holding company. This decision sets the initial price point for the auction process involving Gold Reserve Ltd. (GDRZF, Financial) and its consortium partners.
The Court has indicated that while Red Tree's bid is only the starting point, the final bid should be "at or exceeding" the proposed $7.081 billion. This amount was submitted by Gold Reserve Ltd. alongside its consortium partners, reflecting the Court's expectation for competitive bidding during the process.
As per the Court's directives, the Special Master is required to propose an order by April 24, 2025, which will determine the beginning and end dates for the Topping Period, set deadlines for discovery, and outline final recommendation objections. The completion of final briefings is scheduled by July 3, 2025, followed by a joint status report on July 10, 2025, leading up to the Sale Hearing scheduled for July 22-24, 2025.
