Rusoro Announces Credit Bid by Dalinar Energy for CITGO Parent Company and Update Thereof
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.
Rusoro Mining (TSXV: RML) ha fornito un aggiornamento riguardo a un'offerta di credito presentata da Dalinar Energy, una sussidiaria di Gold Reserve, per l'acquisto di PDV Holding, Inc. (PDVH), la società madre indiretta di CITGO Petroleum Corp.
L'offerta, supportata da un consorzio che include Rusoro, Gold Reserve, Koch Minerals Sarl e Koch Nitrogen International Sarl, non è stata selezionata come 'Stalking Horse' o 'Base Bid' dal Master Speciale nell'ambito del processo di vendita della Corte Distrettuale degli Stati Uniti per il Distretto del Delaware. Invece, il Master Speciale ha raccomandato un'offerta di 3,699 miliardi di dollari da Red Tree Investments, una sussidiaria indiretta di Contrarian Funds.
Le parti interessate possono ora opporsi alla raccomandazione del Master Speciale prima di un'udienza in tribunale. Rusoro ha coinvolto Rothschild & Co come consulente finanziario e Kirkland & Ellis LLP e DLA Piper LLP come consulenti legali per massimizzare il valore del suo Giudizio negli Stati Uniti nel processo di vendita di PDVSA.
Rusoro Mining (TSXV: RML) ha proporcionado una actualización sobre una oferta de crédito presentada por Dalinar Energy, una subsidiaria de Gold Reserve, para la compra de PDV Holding, Inc. (PDVH), la empresa matriz indirecta de CITGO Petroleum Corp.
La oferta, respaldada por un consorcio que incluye a Rusoro, Gold Reserve, Koch Minerals Sarl y Koch Nitrogen International Sarl, no fue seleccionada como 'Stalking Horse' o 'Base Bid' por el Maestro Especial en el proceso de venta del Tribunal de Distrito de EE. UU. para el Distrito de Delaware. En cambio, el Maestro Especial recomendó una oferta de 3.699 mil millones de dólares de Red Tree Investments, una subsidiaria indirecta de Contrarian Funds.
Las partes interesadas ahora pueden objetar la recomendación del Maestro Especial antes de una audiencia judicial. Rusoro ha contratado a Rothschild & Co como asesor financiero y a Kirkland & Ellis LLP y DLA Piper LLP como asesores legales para maximizar el valor de su sentencia en EE. UU. en el proceso de venta de PDVSA.
루소로 마이닝 (TSXV: RML)은 달리나 에너지가 골드 리저브의 자회사로서 PDV 홀딩스, Inc. (PDVH), 즉 CITGO 석유 공사의 간접 모회사에 대한 신용 입찰을 제출한 것에 대한 업데이트를 제공했습니다.
루소로, 골드 리저브, 코흐 미네랄스 사르엘 및 코흐 나이트로겐 인터내셔널 사르엘이 포함된 컨소시엄이 지원하는 이 입찰은 델라웨어 지방법원에서의 판매 과정에서 특별 관리인에 의해 '스톡킹 호스' 또는 '기본 입찰'로 선정되지 않았습니다. 대신, 특별 관리인은 레드 트리 인베스트먼트의 36억 9,900만 달러 입찰을 추천했습니다. 레드 트리 인베스트먼트는 컨트라리안 펀드의 간접 자회사입니다.
관심 있는 당사자들은 이제 법원 심리 전에 특별 관리인의 추천에 이의를 제기할 수 있습니다. 루소로는 로스차일드 & Co를 재정 고문으로, 커클랜드 & 엘리스 LLP 및 DLA 파이퍼 LLP를 법률 고문으로 고용하여 PDVSA 판매 과정에서 미국 판결의 가치를 극대화하고 있습니다.
Rusoro Mining (TSXV: RML) a fourni une mise à jour concernant une offre de crédit soumise par Dalinar Energy, une filiale de Gold Reserve, pour l'achat de PDV Holding, Inc. (PDVH), la société mère indirecte de CITGO Petroleum Corp.
L'offre, soutenue par un consortium comprenant Rusoro, Gold Reserve, Koch Minerals Sarl et Koch Nitrogen International Sarl, n'a pas été sélectionnée comme 'Stalking Horse' ou 'Base Bid' par le Maître Spécial dans le cadre du processus de vente du Tribunal de District des États-Unis pour le District du Delaware. Au lieu de cela, le Maître Spécial a recommandé une offre de 3,699 milliards de dollars de Red Tree Investments, une filiale indirecte de Contrarian Funds.
Les parties intéressées peuvent désormais s'opposer à la recommandation du Maître Spécial avant une audience judiciaire. Rusoro a engagé Rothschild & Co en tant que conseiller financier et Kirkland & Ellis LLP ainsi que DLA Piper LLP en tant que conseillers juridiques pour maximiser la valeur de son jugement aux États-Unis dans le processus de vente de PDVSA.
Rusoro Mining (TSXV: RML) hat ein Update zu einem Kreditangebot von Dalinar Energy, einer Tochtergesellschaft von Gold Reserve, zum Kauf von PDV Holding, Inc. (PDVH), dem indirekten Mutterunternehmen von CITGO Petroleum Corp., bereitgestellt.
Das Angebot, das von einem Konsortium unterstützt wird, zu dem Rusoro, Gold Reserve, Koch Minerals Sarl und Koch Nitrogen International Sarl gehören, wurde vom Sonderverwalter im Verkaufsprozess des US-Bezirksgerichts für den Bezirk Delaware nicht als 'Stalking Horse' oder 'Basisangebot' ausgewählt. Stattdessen empfahl der Sonderverwalter ein 3,699 Milliarden Dollar Angebot von Red Tree Investments, einer indirekten Tochtergesellschaft von Contrarian Funds.
Interessierte Parteien können nun vor einer Gerichtsverhandlung gegen die Empfehlung des Sonderverwalters Einspruch erheben. Rusoro hat Rothschild & Co als Finanzberater und Kirkland & Ellis LLP sowie DLA Piper LLP als rechtliche Berater engagiert, um den Wert seines US-Urteils im Verkaufsprozess von PDVSA zu maximieren.
- Company actively pursuing value maximization of U.S. Judgment through professional advisors
- Strategic participation in consortium bid for significant asset (CITGO parent company)
- Consortium's bid for PDVH was not selected as Stalking Horse
- Competing bid of $3.699 billion received Special Master's recommendation
Vancouver, British Columbia--(Newsfile Corp. - March 24, 2025) - Rusoro Mining Ltd. (TSXV: RML) (the "Company" or "Rusoro") notes that a wholly owned subsidiary of Gold Reserve Ltd. (TSXV: GRZ) (OTCQX: GDRZF) ("Gold Reserve"), Dalinar Energy Corporation ("Dalinar Energy"), previously announced submission of a credit bid to purchase
The terms of Dalinar Energy's bid have now been publicly disclosed by the Special Master and information on such bid, and the other bids submitted to the Special Master, can be found at www.goldreserve.bm/bids. The Special Master recommended as the "Stalking Horse" a
Rusoro is being advised by Rothschild & Co as its financial advisor and Kirkland & Ellis LLP and DLA Piper LLP as its legal counsel to assist the Company in the maximization of the value of its U.S. Judgement in the PDVSA sale process or otherwise.
ABOUT RUSORO MINING LTD.
The principal business activities of Rusoro were the acquisition, exploration, development, and operation of gold mineral properties. Since Venezuela expropriated Rusoro's assets in Venezuela in 2012 the Company has been focused on the recovery of its Arbitration Award.
ON BEHALF OF THE BOARD
"Andre Agapov"
Andre Agapov, President & CEO
For further information, please contact:
Rusoro Mining Ltd.
Gordon Keep
E; gkeep@fiorecorporation.com
T: 604 609-6110
Forward-Looking statements:
"This press release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities laws. This information and statements address future activities, events, plans, developments and projections. All statements, other than statements of historical fact, constitute forward-looking statements or forward-looking information. Such forward-looking information and statements are frequently identified by words such as "may," "will," "should," "anticipate," "plan," "expect," "believe," "estimate," "intend" and similar terminology, and reflect assumptions, estimates, opinions and analysis made by management of Rusoro Mining Ltd. in light of its experience, current conditions, expectations of future developments and other factors which it believes to be reasonable and relevant. Forward-Looking information and statements involve known and unknown risks and uncertainties that may cause Rusoro's actual results, performance and achievements to differ materially from those expressed or implied by the forward-looking information and statements and accordingly, undue reliance should not be placed thereon.
Risks and uncertainties that may cause actual results to vary include but are not limited to the availability of financing; fluctuations in commodity prices; changes to and compliance with applicable laws and regulations, including environmental laws and obtaining requisite permits; political, economic and other risks; as well as other risks and uncertainties which are more fully described in our annual and quarterly Management's Discussion and Analysis and in other filings made by us with Canadian securities regulatory authorities and available at www.sedarplus.ca. Rusoro Mining Ltd. disclaims any obligation to update or revise any forward-looking information or statements except as may be required."
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/245788
FAQ
What was the outcome of Dalinar Energy's bid for CITGO's parent company PDVH regarding RMLFF?
Which bid was recommended as the Stalking Horse for PDVH acquisition affecting RMLFF?
Who are the financial and legal advisors assisting RMLFF in the PDVH sale process?
What companies were part of the consortium supporting Dalinar Energy's bid with RMLFF?
