TPG Angelo Gordon Yet to Join Citgo Parent Auction

Published 1 days agoTPG

TPG Angelo Gordon Yet to Join Citgo Parent Auction

As of May 30, 2025, there is no information indicating TPG Angelo Gordon has joined the bidding for Citgo Petroleum Corp.'s parent company. The auction process to date has been highlighted by the involvement of other major players, with Elliott Investment Management's affiliate Amber Energy Inc. being named the presumptive winner in September 2024, with a bid that valued Citgo at as much as $7.3 billion, according to Bloomberg.

Amidst legal challenges, the U.S. Treasury Department stepped in during November 2024 by extending a license protecting Citgo from creditors, pushing the deadline to March 2025. This move came as a response to the prolonged legal disputes involving Venezuela's debts related to expropriated assets and defaults, as reported by Reuters.

Recently, Citgo's financial situation reflected the industry's challenging market conditions. In the first quarter of 2025, Citgo posted a net loss of $82 million, which was attributed to weak refining margins. The situation persisted into the third quarter, with net income dropping significantly to $66 million, a steep decline from $567 million in the previous year, once again due to poor refining margins. These financial performances highlight the ongoing challenges faced by Citgo amid the auction process.

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