India, Aug. 8 -- A U.S. federal court auctioning shares of PDV Holding Inc., the parent company of Venezuela-owned Citgo Petroleum, has received an unexpected competing bid, adding a fresh twist to the high-value sale intended to compensate creditors for expropriations and debt defaults.
The court-appointed Special Master, Robert Pincus, revealed the unsolicited offer in a Thursday filing, withholding both the bidder's identity and the date of submission.
The development comes shortly after a $7.4 billion proposal from a group led by a subsidiary of Canadian miner Gold Reserve was recommended as the winning bid in the most recent auction round. That recommendation remains subject to judicial approval, with several creditors and rival bidd...