Venezuelan bond, Gold Reserve shares rally as decision on Citgo auction winner looms
HOUSTON, Aug 29 (Reuters) - A defaulted Venezuelan bond collateralized with equity in U.S. refiner Citgo Petroleum rose 1.125 cents on Friday to a four-month high of 97.25 cents on the dollar, while shares of miner Gold Reserve GRZ.V rallied 18% in Toronto from Thursday's close, a sign that two frontrunners in an auction for the Venezuela-owned refiner are expecting to prevail.
A group led by Gold Reserve and a rival affiliate of hedge fund Elliott Investment Management are competing neck-in-neck in a court-organized bidding round for the refiner, a process that is expected to lead to a change of ownership in the seventh largest U.S. refiner.
A court officer overseeing the auction is set to recommend a winner on Friday, or request more time to evaluate the bids. A final decision is expected to be made by a Delaware judge next month.
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