Blue Water Acquisition Corp. III Submits $10 Billion Bid for Citgo Parent Company in Court-Supervised Auction
Reuters
Sep 06
<a href="https://laohu8.com/S/BLUW">Blue Water Acquisition Corp.</a> III Submits $10 Billion Bid for Citgo Parent Company in Court-Supervised Auction
Blue Water Acquisition Corp. III has announced the submission of a $10 billion bid to acquire PDV Holding Inc., the parent company of Citgo Petroleum Corp., through a Delaware court-supervised auction process. The proposal aims to provide immediate recovery for creditors and offer them a stake in the future of Citgo as a U.S. public company. The bid includes cash or stock distributions to general creditors and a $3.2 billion settlement for holders of the PDVSA 2020 bonds, payable in cash or shares of the entity that will own Citgo. Key assets involved in the auction comprise three major U.S. refineries, midstream infrastructure, lubricant plants, and a retail distribution network of over 4,000 service stations. Blue Water's proposal seeks to return Citgo to U.S. ownership as a publicly listed company.
Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Blue Water Acquisition Corp. III published the original content used to generate this news brief via PR Newswire (Ref. ID: NY67101) on September 05, 2025, and is solely responsible for the information contained therein.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.