Latest development Oct 21, 2026
The Third Circuit heard argument on the sale order. Crystallex had opposed Venezuela’s motion to hold the appeal in abeyance.
The award
- Amount awarded
- $1.20B plus interest
- Current estimate
- About $1B outstanding (2026)
- Award holder
- Crystallex International Corporation (in CCAA insolvency, funded by Tenor Capital)
- Respondent
- Bolivarian Republic of Venezuela
- Forum
- ICSID Additional Facility ARB(AF)/11/2
Challenges
The D.D.C. refused to vacate the award and confirmed it on March 25, 2017.
Enforcement
In the D. Del. (17-mc-151), PDVSA was held to be Venezuela’s alter ego on August 9, 2018 (affirmed by the Third Circuit on July 29, 2019), and Crystallex ranks 1st in the Citgo queue. The sale order of November 29, 2025 approved the Amber Energy (Elliott) bid: $5.892B for the attached judgments and $2.125B for the PDVSA 2020 holders. The Third Circuit heard the appeals on October 21, 2026. No OFAC license has been issued.
Recovered to date
$500M (2018 settlement)