List of bidders in Citgo auction narrows, remaining groups to sweeten terms
HOUSTON (Reuters) -Groups led by affiliates of Contrarian Funds, Gold Reserve and Vitol are working on improved offers for the parent of Venezuela-owned refiner Citgo Petroleum as the list of potential bidders narrows, sources close to the preparations said. The three consortia, which participated in an earlier competition for setting a starting bid, have been in talks with banks to secure the financing needed for their offers in the court-organized auction of shares. A fourth bidder in the starting round in March, an affiliate of Elliott Investment Management, is not expected to submit an offer in this phase of competition, a source familiar with the decision said, citing legal risks.
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