India, March 24 -- Gold Reserve Ltd. (GDRZF) Monday announced that its U.S. subsidiary, Dalinar Energy Corporation, submitted a $7.1 billion bid for PDV Holding, Inc., the indirect parent of CITGO Petroleum Corp., with fully committed financing from two major financial institutions.
However, the bid was not selected as the "Stalking Horse" or "Base Bid" by the Special Master overseeing the sale process for the U.S. District Court in Delaware.
Instead, the Special Master recommended a $3.699 billion bid from Red Tree Investments, a subsidiary of Contrarian Capital Management. Dalinar Energy expressed concerns over the decision, highlighting that its bid was 91% higher and that key documents related to Contrarian's bid were not disclosed. G...