US Treasury extends license protecting Citgo from creditors to December
June 20 (Reuters) - The U.S. Treasury Department on Friday extended a general license protecting Venezuela-owned refiner Citgo Petroleum from creditors through December 20, the department's website showed.
Washington has protected the Houston-based company from creditors in recent years even amid a court-organized auction of shares in its parent company, PDV Holding. Once selected, the auction's winner must be approved by the Treasury Department's Office of Foreign Assets Control.
The license temporarily bans transactions with a Venezuela-issued bond collateralized with Citgo equity. The previous license was set to expire on July 3.
As part of an eight-year case introduced by miner Crystallex against Venezuela, a federal court in Delaware has found Citgo's parent PDV Holding liable for Venezuela's debts stemming from debt defaults and asset expropriations. The auction, whose winner will by selected next month, is expected to compensate some of those creditors.
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