Blue Water Moves to Secure Court Approval for $10 Billion CITGO Acquisition Plan
Blue Water Venture Partners (NASDAQ:BLUWU) has filed a motion seeking court approval for its $10 billion acquisition bid for CITGO Petroleum Corporation. The request, filed on September 12, 2025, in the Delaware District Court, represents the highest offer received to date, surpassing competing bids from Amber Energy and Gold Reserve.
The proposed transaction includes key features such as flexible payment options for creditors, offering either immediate cash at closing or equity in a U.S.-listed NASDAQ company. The deal includes a dedicated bondholders settlement fund for PDVSA-2020 claims and aims to provide enhanced liquidity through a public market equity structure.
Blue Water Venture Partners (NASDAQ:BLUWU) ha presentato una mozione per ottenere l'approvazione del tribunale della sua offerta di acquisizione da 10 miliardi di dollari per CITGO Petroleum Corporation. La richiesta, depositata il 12 settembre 2025 presso il Delaware District Court, rappresenta l'offerta più alta ricevuta finora, superando le proposte concorrenti di Amber Energy e Gold Reserve.
La transazione proposta include caratteristiche chiave quali opzioni di pagamento flessibili per i creditori, offrendo sia contanti immediati al closing sia azioni in una società quotata sul NASDAQ statunitense. L'accordo comprende un apposito fondo di regolamento per i detentori di obbligazioni PDVSA-2020 e mira a fornire maggiore liquidità tramite una struttura azionaria di mercato pubblico.
Blue Water Venture Partners (NASDAQ:BLUWU) ha presentado una moción para obtener la aprobación judicial de su oferta de adquisición por 10.000 millones de dólares para CITGO Petroleum Corporation. La solicitud, presentada el 12 de septiembre de 2025 en la Corte de Distrito de Delaware, representa la oferta más alta recibida hasta la fecha, superando las propuestas de Amber Energy y Gold Reserve.
La transacción propuesta incluye características clave como opciones de pago flexibles para los acreedores, ofreciendo efectivo inmediato al cierre o acciones de una empresa estadounidense cotizada en NASDAQ. El acuerdo incorpora un fondo dedicado para la liquidación de tenedores de bonos PDVSA-2020 y apunta a proporcionar mayor liquidez mediante una estructura de acciones en el mercado público.
Blue Water Venture Partners (나스닥:BLUWU)가 CITGO Petroleum Corporation에 대한 100억 달러 규모의 인수 제안에 대한 법원 승인을 구하는 신청을 제기했습니다. 이 요청은 2025년 9월 12일 델라웨어 지방법원에 제출되었으며, Amber Energy와 Gold Reserve의 경쟁 제안을 능가하는 지금까지의 최고 제안입니다.
제안된 거래에는 채권자에 대한 유연한 지불 옵션이 포함되며, 종결 시 즉시 현금 지급 또는 미국에 상장된 NASDAQ 기업의 주식으로 지급하는 방식이 있습니다. 이 거래에는 PDVSA-2020 채권자 합의 기금을 포함하고, 공개 시장의 주식 구조를 통해 유동성을 높이는 것을 목표로 합니다.
Blue Water Venture Partners (NASDAQ:BLUWU) a déposé une motion visant à obtenir l'approbation judiciaire de son offre d'acquisition de 10 milliards de dollars pour CITGO Petroleum Corporation. La demande, déposée le 12 septembre 2025 au tribunal de district du Delaware, représente l'offre la plus élevée à ce jour, dépassant les propositions d'Amber Energy et Gold Reserve.
La transaction proposée comprend des éléments clés tels que des options de paiement flexibles pour les créanciers, offrant soit des liquidités immédiates à la clôture soit des actions dans une société cotée sur le NASDAQ américain. L'accord prévoit un fonds de règlement dédié pour les détenteurs d'obligations PDVSA-2020 et vise à améliorer la liquidité via une structure d'actions sur le marché public.
Blue Water Venture Partners (NASDAQ:BLUWU) hat einen Antrag gestellt, die gerichtliche Genehmigung für sein 10-Milliarden-Dollar-Angebot zum Erwerb der CITGO Petroleum Corporation zu erhalten. Der Antrag, eingereicht am 12. September 2025 vor dem District Court von Delaware, repräsentiert das bislang höchste Angebot und übertrifft konkurrierende Gebote von Amber Energy und Gold Reserve.
Die vorgeschlagene Transaktion umfasst Schlüsselelemente wie flexible Zahlungsmöglichkeiten für Gläubiger, die entweder sofortige Barauszahlung bei Abschluss oder Aktien eines in den USA an der NASDAQ notierten Unternehmens bieten. Der Deal sieht einen speziellen Bondholders-Ausgleichsfonds für PDVSA-2020-Ansprüche vor und zielt darauf ab, Liquidität durch eine öffentliche Marktaktienstruktur zu verbessern.
Blue Water Venture Partners (ناسداك:BLUWU) قدمت طلباً للحصول على موافقة المحكمة على عرضها الاستحواذي بقيمة 10 مليارات دولار لشركة CITGO Petroleum Corporation. الطلب، المقدم في 12 سبتمبر 2025 في محكمة ديلاوير الاتحادية، يمثل أعلى عرض حتى الآن متفوقاً على العروض المنافسة من Amber Energy وGold Reserve.
تشمل الصفقة المقترحة ميزات رئيسية مثل خيارات دفع مرنة للدائنين، تقدم إما نقداً فوريّاً عند الإغلاق أو أسهماً في شركة مدرجة في NASDAQ الأمريكية. ويتضمن الاتفاق صندوقاً خاصاً لتسوية حاملي سندات PDVSA-2020 ويهدف إلى تعزيز السيولة من خلال هيكل سوق أسهم عام.
Blue Water Venture Partners (纳斯达克：BLUWU) 已提交一项动议，寻求法院批准其对 CITGO Petroleum Corporation 的100亿美元收购要约。该请求于2025年9月12日向德拉瓦州地区法院提交，代表迄今为止收到的最高要约，超过了 Amber Energy 与 Gold Reserve 的竞标。
拟议交易包括若干关键特征，如 为债权人提供灵活的支付选项，在交割时可立即现金支付，或以在美国上市的 NASDAQ 公司股票形式支付。交易还包括一个专门的 PDVSA-2020 债券持有人和解基金，旨在通过公开市场股票结构提高流动性。
- Highest bid value at $10 billion, surpassing all competing offers
- Flexible payment structure offering cash or equity options for creditors
- Dedicated settlement fund to resolve PDVSA-2020 bondholder claims
- Enhanced liquidity through public market equity structure
- Potential to strengthen American energy security
- Bid requires court approval and Special Master evaluation
- Transaction subject to regulatory review
- Complex multi-party litigation environment
- No responses or objections filed yet, indicating uncertainty
Insights
Blue Water seeks court approval for $10B CITGO bid, offering creditors cash or equity options and promising bondholder dispute resolution.
Blue Water Venture Partners has formally requested court approval to pursue its
The structure of this proposal contains several notable elements designed to address the complex legal and financial circumstances surrounding CITGO. Judgment creditors would be given flexibility to choose between immediate cash payments or equity in a NASDAQ-listed public company, subject to regulatory approval. The bid also includes a designated settlement fund for PDVSA-2020 bondholders, strategically aimed at clearing litigation obstacles that could complicate the asset transfer.
What makes this proposal particularly significant is its approach to creditor recovery through a public market equity structure. This mechanism potentially provides superior liquidity compared to private transactions, which typically involve longer lock-up periods and more restricted exit options. The court filing represents a critical step in a complex process involving Venezuelan assets under U.S. jurisdiction.
No objections have been filed against Blue Water's motion as of the press release date. The company is requesting that the Court authorize the Special Master to formally evaluate their proposal, which would enable official discussions to begin. Given the intricate web of creditor claims against Venezuela and PDVSA, this bid represents an attempt to create a comprehensive resolution framework rather than a simple asset purchase.
The motion, filed September 12, 2025, in the matter of Crystallex International Corp. v. Bolivarian Republic of Venezuela (Case No. 17-mc-151), seeks Court authorization for the Special Master to evaluate the proposal. To date, no party has filed any response or objection to the request.
The bid from Blue Water Venture Partners represents the highest offer received to date to our knowledge, surpassing competing bids from Amber Energy and Gold Reserve. Key features of the proposed transaction include:
$10 billion - Creditor flexibility - judgment creditors may choose immediate cash at closing or equity in a
U.S. -listed public company on NASDAQ, subject to regulatory review. - Bondholders settlement fund - dedicated to extinguishing PDVSA-2020 bondholder claims, ensuring a litigation-free transfer of assets.
- Reduced closing risk - through a public market equity structure providing enhanced liquidity and recovery for creditors.
"Blue Water's proposal, alongside BWAC III, is designed to maximize value for creditors, deliver a clean resolution of outstanding bondholder disputes, and provide a clear path to a
About Blue Water Acquisition Corp. III
Blue Water Acquisition Corp. III (Nasdaq: BLUWU) is a special purpose acquisition company (SPAC) formed to identify and complete a business combination with high-potential companies across diverse sectors.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to risks and uncertainties, including the outcome of the court-supervised auction process, regulatory approvals, and market conditions. Actual results may differ materially from those expressed or implied. Blue Water Acquisition Corp. III disclaims any obligation to update forward-looking statements except as required by law. These statements are only predictions. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties, and other factors, including without limitation, Blue Water Acquisition Corp. III's ability to enter into definitive agreements and complete the transaction. These risks, uncertainties and other factors are expected to be further described in a proxy statement/registration statement to be filed with the Securities and Exchange Commission (the "SEC") relating to any business combination transaction.
Participants in the Solicitation
Blue Water Acquisition Corp. III and its respective directors, executive officers and other members of their management and employees, under SEC rules, may be deemed to be participants in a solicitation of its shareholders in connection with a proposed business combination. Investors and security holders may obtain more detailed information regarding the names, affiliations and interests of Blue Water Acquisition Corp. III directors and officers in its SEC filings. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies to Blue Water Acquisition Corp. III shareholders in connection with the proposed business combination will be set forth in the proxy statement/prospectus for the proposed business combination when available.
No Offer or Solicitation
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or an exemption therefrom.
Contact
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Blue Water Venture Partners
StephanieM@bluewaterventurepartners.net
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FAQ
What is the value of Blue Water's bid for CITGO Petroleum Corporation?
What payment options are available to CITGO creditors under Blue Water's proposal?
When did Blue Water file its court motion for the CITGO acquisition?
How does Blue Water plan to handle PDVSA-2020 bondholder claims?
Who are the competing bidders for CITGO acquisition?
