WSJ reports <\/a>that in order to protect its operations, Venezuela\u2019s Citgo Petroleum is considering various options, including filing for bankruptcy.<\/p>\n\n\n\nCitgo, which is among the largest refiners in the U.S., is weighing its options while the White House attempts to shift control of Venezuela\u2019s assets from President Nicol\u00e1s Maduro to opposition leader Juan Guaid\u00f3, whom the U.S. has recognized as the legitimate head of state prompting accusations by the Maduro regime that the US is fomenting a presidential coup.<\/p>\n\n\n\n
In addition to control over the military, control of Venezuela\u2019s state-owned assets is seen as key to the country\u2019s political fate, and the tussle is forcing Citgo to consider U.S. bankruptcy proceedings as one of several plans drafted by some executives and advisers, the WSJ reports citing people familiar.<\/p>\n\n\n\n
Reached for comment, a Citgo spokesman said Thursday the company is \u201cprofitable, solvent and has contingency plans to successfully manage the recent events.\u201d Meanwhile, the US responded that the US goal is for Citgo to remain viable, but not under Maduro control.<\/strong><\/p>\n\n\n\nWhile Citgo\u2019s financial pressures aren\u2019t pressing as of this moment, a bankruptcy filing could stabilize operations while providing an organized forum for restructuring its debt, dealing with a looming governance crisis and sorting out competing creditor claims on the company\u2019s assets, with the WSJ reporting that Citgo, which is owned by defaulted state oil giant Petr\u00f3leos de Venezuela SA, or PdVSA which was hit by US sanctions this week in an attempt to cripple the Maduro regime, has retained law firm Willkie Farr & Gallagher LLP for legal advice on several contingency plans.<\/p>\n\n\n\n
\u2026click on the above link to read the rest of the article\u2026<\/p>\n","protected":false},"excerpt":{"rendered":"
\u00a0 Venezuela’s Citgo, Which Refines 5% Of US Gasoline, Is Weighing Bankruptcy\u00a0 In the latest salvo to emerge from the escalating fight between the Trump administration and Venezuela\u2019s ruling Maduro regime over control of the South American country\u2019s state-owned energy assets, the WSJ reports that in order to protect its operations, Venezuela\u2019s Citgo Petroleum is considering various […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,3,5],"tags":[24253,24254,24109,2422,827,851,4318],"class_list":["post-43381","post","type-post","status-publish","format-standard","hentry","category-economics","category-energy-2","category-geopolitics","tag-citgo","tag-gasoline-refinery","tag-juan-guaido","tag-nicolas-maduro","tag-united-states","tag-venezuela","tag-zerohedge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/43381","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=43381"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/43381\/revisions"}],"predecessor-version":[{"id":43382,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/43381\/revisions\/43382"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=43381"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=43381"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=43381"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}