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Crystallex International Corporation v. Bolivarian Republic of Venezuela

  1. November 08, 2021

    US Sanctions Continue To Gum Up $1.2B Award Enforcement

    It became clear during a lengthy Monday hearing that the proposed sale process for shares in Citgo's parent company to enforce a $1.2 billion arbitral award against Venezuela remains mired in divisive issues, not the least of which are U.S. sanctions against the debt-ridden country.

  2. November 05, 2021

    Venezuela Says Citgo Sales Process Proposal Is Flawed

    Venezuela has slammed the proposed sales process in which a state-owned business would be forced to sell shares in Citgo's parent company, arguing an investment banker hired to advise the special master who penned the proposal is biased and shouldn't be working the case.

  3. September 15, 2021

    US Won't OK Crystallex Bid Seeking Sale Of Citgo Shares Yet

    The Biden administration has denied Crystallex a license allowing the sale of shares in Citgo's parent company held by Venezuela's state-owned oil company to enforce a $1.2 billion arbitral against the country, though it left the door open for the Canadian mining company to reapply in a few months.

  4. September 10, 2021

    More Fees Awarded In Citgo Sale Fight Despite Outcry

    A Delaware federal judge has ruled that a special master appointed to oversee the sale of Citgo's parent company can be paid roughly $111,000 in fees in excess of a $2 million cap, despite outcry that the special master was running up bills "as if no cap existed."

  5. September 08, 2021

    Special Master Targeted In Fight Over Fees For Citgo Sale

    The special master overseeing the sale of Citgo's parent company has become embroiled in a dispute over fees that exceed a $2 million cap, marking at least the second time that the retired Skadden partner has raised eyebrows over fees incurred while overseeing a court-ordered sales process.

  6. May 10, 2021

    Crystallex, Venezuela Butt Heads Over Special Master Order

    Crystallex is objecting to a position adopted by Venezuela and its state-owned oil company, Petroleos de Venezuela S.A, that the parties involved in the sale of Citgo's parent company — and perhaps even the special master overseeing it — will need a license to proceed with the transaction due to U.S. sanctions on Caracas.

  7. April 14, 2021

    Ex-Skadden Partner To Steer Citgo Sale For Crystallex Award

    A Delaware federal judge on Tuesday appointed a retired Skadden Arps Slate Meagher & Flom LLP partner as special master to Crystallex's sale of Citgo's parent company, which is indirectly held by Venezuela, to enforce its $1.2 billion award against the country.

  8. March 16, 2021

    Venezuela Can't Get Citgo Sale Planning Put On Hold

    A Delaware judge has denied Venezuela's request to pause Crystallex's efforts to plan a sale of Citgo's parent company to satisfy a $1.2 billion judgment against the country, concluding Tuesday that Caracas hadn't shown it was likely to emerge victorious from an ongoing appeal at the Third Circuit.

  9. March 01, 2021

    Crystallex Pushes To Keep Citgo Sale Moving Ahead

    Crystallex is pressing a Delaware federal judge to keep its efforts to sell Citgo's parent company to satisfy a $1.2 billion judgment against Venezuela on track during an ongoing appeal, arguing that the country's request for a stay marks the 13th time it's tried to delay the litigation.

  10. February 12, 2021

    Crystallex $1.2B Award Fight Will Go Back To 3rd Circ.

    Efforts by Crystallex to sell the parent company of Citgo to enforce a $1.2 billion arbitral award against Venezuela will go back to the Third Circuit, after appeals challenging a Delaware court order allowing the sale to proceed were filed.