With Citgo share auction in shambles, US court readies plan to start over

An auction of shares in a Citgo Petroleum parent to pay claims against Venezuela needs to be overhauled, a court adviser recommended on Tuesday, conceding a year-long sale process was in shambles and needed to start fresh. The recommendation in a court filing came after an up to $7.3 billion bid by an affiliate of activist fund Elliott Investment Management failed to win support from creditors. Court adviser Robert Pincus proposed to re-launch the auction after being admonished by the judge for a lack of an agreement that met terms set more than a year ago.