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Gold Reserve Ltd. (OTCQX: GDRZF) has submitted an enhanced proposal to acquire PDV Holding Inc. (PDVH), the indirect parent company of Citgo Petroleum, as part of the ongoing sale process in the U.S. District Court for the District of Delaware. The company has materially increased its purchase price and secured additional financial backing, while also improving non-economic aspects of the bid.
The Special Master is required to evaluate Gold Reserve's improved proposal and file an amended Final Recommendation by August 29, 2025. The company submitted its proposal under a reservation of rights regarding its objection to the Special Master's Notice of Determination of Superior Proposal, which is currently being contested through a pending Motion to Strike.
["Company secured additional financial support for the bid", "Materially increased purchase price in improved proposal", "Enhanced bid certainty through non-economic improvements"]Gold Reserve (OTCQX: GDRZF) announced three significant updates in the CITGO sale process. The Federal Trade Commission granted early termination of the HSR waiting period for Gold Reserve's proposed acquisition of PDVH Shares through Dalinar Energy Corporation, indicating no antitrust concerns.
The company filed a Motion to Strike the Special Master's Notice of Superior Proposal, challenging Amber Energy's $5.859 billion bid versus Dalinar Energy's $7.382 billion offer. Gold Reserve argues this determination could shortchange Attached Judgment Creditors by $1.5 billion and violates court-ordered bidder protections.
Additionally, the Court granted partial unsealing of Special Master's conference transcripts from August 11 and 13, 2025, with Gold Reserve retaining the right to object to redactions.
Gold Reserve Ltd. (OTCQX: GDRZF) announced an update regarding the CITGO sale process in the U.S. District Court for the District of Delaware. The Special Master has determined that an Unsolicited Competing Proposal from Amber Energy Inc. submitted on August 22, 2025, constitutes a "Superior Proposal" compared to Gold Reserve's previous agreement from June 25, 2025.
The Court has set an August 27, 2025 deadline for Gold Reserve to file objections, with arguments to be heard at the rescheduled Sale Hearing on September 15, 2025. The company notes that Amber Energy's additional consideration is "de minimis" compared to Gold Reserve's total Attached Judgment value. Under the current schedule, Dalinar has until August 28, 2025, to submit revisions to their original agreement.
Gold Reserve Ltd. (OTCQX: GDRZF) has announced the engagement of Cantor Fitzgerald & Co. as its strategic financial advisor for the company's bid to acquire shares of PDV Holding, Inc., the indirect parent company of CITGO Petroleum Corp. The bid is part of ongoing Delaware sale proceedings detailed in the Crystallex International Corporation v. Bolivarian Republic of Venezuela case.
The company has highlighted several risk factors associated with the bid, including regulatory approval requirements from OFAC, the U.S. Committee on Foreign Investment, and the Federal Trade Commission. The transaction faces uncertainties regarding court approval, financing requirements, and potential competing claims from other Venezuelan creditors.
Gold Reserve Ltd. (OTCQX: GDRZF) provided an update on the U.S. District Court of Delaware's hearing regarding the Sale Process of PDVH shares. The Court has rescheduled the Sale Hearing to September 15, 2025, with a potential second hearing on October 21, 2025.
Key deadlines include: The Special Master must inform the Company about any alternative bid recommendations by August 25, Gold Reserve can match competing bids by August 28, and the Special Master's Final Recommendation is due by August 29, 2025. The Company retains the right to object to the Special Master's actions, with arguments to be heard at the September hearing.
Gold Reserve Ltd. (OTCQX: GDRZF) provided an update on legal proceedings related to the U.S. District Court for the District of Delaware's Sale Hearing adjournment. On August 16-17, 2025, multiple parties submitted briefs regarding the Court's August 14 Order, including the Company, Special Master, Venezuela Parties (including PDVSA and CITGO), Crystallex International, ConocoPhillips, and several other entities.
The case involves potential bids for PDVH shares, with significant complexities including regulatory approvals from OFAC, CFIUS, and other authorities. The proceedings are part of ongoing litigation documented in Crystallex International Corporation v. Bolivarian Republic of Venezuela, with various creditors competing for claims against Venezuela and PDVSA.
Gold Reserve Ltd. (OTCQX: GDRZF) announced that the U.S. District Court for the District of Delaware has adjourned the Sale Hearing originally scheduled for August 18, 2025, to an unspecified future date. The adjournment comes after the Special Master received an unsolicited bid that could potentially be a "Superior Proposal" to Dalinar Energy's current bid.
The Court has outlined several next steps, including requiring the Special Master to determine by August 25 whether to maintain the Dalinar bid recommendation or accept the new proposal. The Court is considering rescheduling the Sale Hearing for either September 15-18 or October 20-23. An in-person hearing is scheduled for August 18, 2025, to discuss these developments.
Gold Reserve Ltd. (OTCQX: GDRZF) provided an update on the ongoing legal proceedings regarding the potential sale of PDV Holding, Inc. (PDVH), the indirect parent company of CITGO Petroleum Corp. Multiple parties have filed reply briefs concerning objections to the Special Master's Final Recommendation, which had selected Gold Reserve's U.S. acquisition subsidiary, Dalinar Energy Corporation, as the preferred buyer for PDVH shares.
Key parties filing briefs include Crystallex International Corporation, ConocoPhillips entities, OI European Group B.V., various investment firms, and Venezuelan parties. The proceedings are being conducted in the U.S. District Court for the District of Delaware, with documentation available through the Public Access to Court Electronic Records system.
Gold Reserve (OTCQX: GDRZF) provided updates on the CITGO sale process, where its subsidiary Dalinar Energy's $7.382 billion bid for PDV Holding (PDVH) shares is under consideration. A competing bid from Amber Energy for $5.859 billion was disclosed by Red Tree Investments, prompting procedural delays.
The Special Master rescheduled the status conference to August 15, 2025, with the Sale Hearing initially set for August 18. Gold Reserve argues that Amber Energy's bid violates established procedures as it falls $1.523 billion below their recommended bid and doesn't meet the required overbid minimum.
Gold Reserve Ltd. (OTCQX: GDRZF) has filed a response to an unsolicited competing proposal in the CITGO sale process. The company clarified that any competing bid must meet specific requirements, including matching or exceeding Dalinar Energy's bid of $7.382 billion (valued as of June 30, 2026).
The competing proposal must also include an Overbid Minimum of $80 million ($30 million expense reimbursement to Dalinar Energy plus $50 million to Attached Judgment Creditors), pay a $75 million termination fee to Red Tree (Stalking Horse bidder), and provide a $50 million deposit. Gold Reserve emphasized that under Delaware law, they cannot be compelled to accept non-cash consideration as a senior creditor, and they have not agreed to accept such terms.
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