US court asked for third Citgo auction extension

: Crude oil, Oil products
24/09/19

The court-appointed special master overseeing the auction of US refiner Citgo has asked the court to delay the announcement of a successful bidder to 26 September and a sale hearing to December.

Special master Robert Pincus planned to make an announcement of the proposed buyer on or about 16 September followed by a November sale hearing, but last minute legal challenges derailed what have otherwise been "robust negotiations with a bidder," according to a court filing today.

"The special master is continuing to negotiate sale documentation with a bidder," today's motion said.

Pincus previously requested a second extension in August and a first extension in late July.

By Nathan Risser

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