Amber Energy, Elliott Affiliate, Tops Gold Reserve in Citgo Auction as Gold Reserve Seeks Bid Disqualification

An affiliate of Elliott Investment Management, Amber Energy, has emerged as the frontrunner in the auction to purchase the parent company of Citgo Petroleum, according to a court-appointed adviser. This revised bid by Elliott's affiliate surpassed the offer made by a group led by miner Gold Reserve, which was previously recommended as the winner. However, Gold Reserve has filed a motion seeking to have Elliott's bid disqualified. The auction remains contested as legal proceedings continue to determine the winning bidder for the Venezuela-owned refiner's parent company.