Venezuela's Citgo Asset Auction Heats Up as Icahn and Creditors Compete

The auction battle over Citgo Petroleum continues to unfold, with a Carl Icahn-backed oil refiner and a group of creditors with claims against Venezuela clashing. This U.S. court auction, driven by debt defaults and expropriation claims against Venezuela, has attracted bids far below the total claims of $21.3 billion—meaning someone with legitimate claims against Venezuela may walk away from the process with far less than what they are due, if they receive anything at all. A consortium led by miner Gold Reserve and a Koch Industries unit…