Latest development Nov 29, 2025
The Citgo sale order provides for Amber Energy to pay $2.125B to the holders at closing, under an agreement with more than 75% of them.
The award
- Amount awarded
- Full claim of about $3B (implied), secured by a pledge of 50.1% of CITGO Holding
- Award holder
- Holders of PDVSA’s 8.5% notes due 2020, through the trustee and collateral agent
- Respondent
- PDVSA and PDVSA Petróleo
- Forum
- U.S. District Court for the Southern District of New York, 19-cv-10023
Challenges
On remand, the court held the notes valid on September 18, 2025. Venezuela appealed (status not verified).
Enforcement
Enforcement has been stayed since November 14, 2025. OFAC General License 5Z bars enforcement against the Citgo collateral until November 5, 2026.
Recovered to date
None
Notes
A judgment on the validity of the notes rather than a money award. The amount is implied, not stated by the court.