Gold Reserve Ltd. announces that today its Delaware subsidiary, Dalinar Energy Corporation , submitted a topping bid to be selected as the Final Recommended Bid for the purchase of the shares of PDV Holding, Inc. , the indirect parent company of CITGO Petroleum Corp., pursuant to the sales process being conducted by the U.S. District Court for the District of Delaware . Dalinar Energy's bid was prepared in light of the [...]
Gold Reserve Ltd. announces that today the U.S. District Court for the District of Delaware issued an order that further extended the Topping Period for submitting bids for the purchase of the shares of PDVH, the indirect holding company of Citgo Petroleum, to June 18, 2025. The order granted a motion by the Venezuela Parties to extend the Topping Period, which motion was supported by Vitol, Inc., Rusoro Mining Ltd., the [...]
Gold Reserve Ltd. announces that today the U.S. District Court for the District of Delaware issued an order that extended the Topping Period for submitting bids for the purchase of the shares of PDVH, the indirect holding company of Citgo Petroleum, from May 28, 2025, until at least June 2, 2025. The order was issued in response to a motion by the Venezuela Parties to extend the Topping Period for at least twenty-one [...]
Gold Reserve Ltd. announces that the U.S. District Court for the District of Delaware issued an order adopting the Special Master's recommendation to select the bid submitted by Red Tree as the stalking horse bid for the purchase of the shares of PDVH, the indirect holding company of Citgo Petroleum, and overruling objections to the same. The Court stated, among other things, that the Red Tree bid is where the bidding [...]
Gold Reserve Ltd. announces that today the U.S. District Court for the District of Delaware issued a document stating that the Court was "inclined" to overrule the objections submitted by the Company and other parties to the Special Master's recommendation to select the bid submitted by Red Tree as the stalking horse bid for the purchase of the shares of PDVH, the indirect holding company of Citgo Petroleum. The Court [...]
Gold Reserve Ltd. announces that Gold Reserve, its consortium members and other parties have completed pre-hearing documents in connection with the April 17, 2025 hearing on the objections to the recommendation made by the Special Master to select the bid made by Red Tree Investments that was scheduled pursuant to an order issued by the U.S. District Court for the District of Delaware on April 5, 2025. Copies of the [...]
Gold Reserve Ltd. announces that on April 5, 2025 the U.S. District Court for the District of Delaware issued an order scheduling a hearing on the objections to the recommendation made by the Special Master to select the bid made by Red Tree Investments, an indirect subsidiary of Contrarian Capital Management, LLC, to be the stalking horse bidder for the purchase of the shares of PDV Holding, Inc. , the indirect parent [...]
Gold Reserve Ltd. is pleased to announce an important development in its ongoing efforts to enforce its arbitral award dated September 22, 2014 against the Bolivarian Republic of Venezuela . The present total amount owed under the Award, inclusive of interest, exceeds $1.1 billion. Effective April 2, 2025, the Company has now filed two new legal actions in the Lisbon District Court to obtain the judgments that are [...]
Gold Reserve Ltd. announces that on March 31, 2025, multiple objections were filed in the U.S. District Court for the District of Delaware to the recommendation made by the Special Master to select the $3.699 billion bid made by Red Tree Investments, an indirect subsidiary of Contrarian Capital Management, LLC , instead of the $7.1 billion bid by Dalinar Energy. Objections were filed by numerous parties, including the [...]
Gold Reserve Ltd. announces that the $7.1 billion bid, with fully committed financing from two large financial institutions, submitted by the Company's US subsidiary, Dalinar Energy Corporation , was not recommended by the Special Master as the "Stalking Horse" or the "Base Bid" for the purchase of the shares of PDV Holding, Inc. , the indirect parent company of CITGO Petroleum Corp., in the sales process being conducted [...]
Gold Reserve Ltd. announced that its Delaware subsidiary, Dalinar Energy, submitted a bid on March 7, 2025 to be designated the Stalking Horse Bidder for the purchase of the shares of PDV Holding, the indirect parent company of CITGO Petroleum Corp., pursuant to the sales process being conducted by the U.S. District Court for the District of Delaware . Dalinar Energy's bid is supported by a consortium that includes [...]
Gold Reserve Ltd. announced today that its wholly owned subsidiary, GR Mining, filed a request for arbitration against the Bolivarian Republic of Venezuela under the Additional Facility Rules of the International Centre for the Settlement of Investment Disputes of the World Bank in Washington, D.C. The arbitration arises from Venezuela's arbitrary and unlawful measures that deprived GR Mining of its rights to, and [...]
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