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Monday, May 15, 2017

Battle Heats Up for Control of Refiner Citgo as Venezuela's Default Risk Rises

Bondholders looking for compensation if Venezuela defaults know that one big pot of money remains: the assets of state-owned oil refiner Citgo Holdings Inc. But there is a problem. Dozens of companies are lining up with claims on those same funds. Venezuela last year pledged all of Citgo's equity as collateral to bondholders and to state-owned Russian oil producer Rosneft in debt deals. In addition, at least 43 companies -- including ConocoPhillips Co. and Canadian mining firm Crystallex International Corp. -- are pursuing legal claims against the government, according to World Bank's International Center for Settlement of Investment Disputes. These companies say they were stiffed when Venezuela's government expropriated their assets there. More…

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