Jun 18, 01:39 PM

Investors Submit Bids for Citgo Shares as Auction Nears End; Vitol Among Suitors, Lawsuit Filed

At least five groups of investors have submitted binding bids for shares of Citgo's parent company this month, according to Reuters. Among the bidders, three have secured financing commitments from Wall Street banks, including JPMorgan and Morgan Stanley, as well as advisors Rothschild and Elliott Investment. Vitol, the world’s biggest independent oil trader, is also among the suitors. Financial alliances are forming as the Citgo share auction reaches its final stages. Additionally, G&A Strategic Investments has filed a lawsuit in Texas against Citgo Petroleum's parent company. Citgo has also reported starting up units after planned work at its Corpus Christi West, Texas plant.