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Rusoro Mining (TSXV: RML) has provided an update regarding a credit bid submitted by Dalinar Energy , a subsidiary of Gold Reserve , for the purchase of PDV Holding, Inc. (PDVH), the indirect parent company of CITGO Petroleum Corp.
The bid, supported by a consortium including Rusoro, Gold Reserve, Koch Minerals Sarl, and Koch Nitrogen International Sarl, was not selected as the 'Stalking Horse' or 'Base Bid' by the Special Master under the U.S. District Court for the District of Delaware sale process. Instead, the Special Master recommended a $3.699 billion bid from Red Tree Investments, an indirect subsidiary of Contrarian Funds,
Interested parties can now object to the Special Master's recommendation before a Court hearing. Rusoro has engaged Rothschild & Co as financial advisor and Kirkland & Ellis LLP and DLA Piper LLP as legal counsel to maximize the value of its U.S. Judgment in the PDVSA sale process.
