From Financialpost · · 1m 40s
Gold Reserve Files Response in Citgo Appeal
Gold Reserve supports Venezuela's six-month abeyance request for PDVH sale, pending U.S. backing.
In brief
Gold Reserve supports Venezuela's six-month abeyance request for PDVH sale, pending U.S. backing. Gold Reserve filed a response supporting Venezuela's motion for a six-month abeyance in the PDVH share appeal, contingent on U.S. support for repayment of Delaware creditors. Originally reported by Financialpost.
Gold Reserve Files Response
Gold Reserve Ltd. filed a response to Venezuela's motion for abeyance in the appeal concerning the proposed judicial sale of PDVH shares to Elliott/Amber Energy.
Venezuela's Abeyance Request
Venezuela requested a six-month abeyance for the appeal to allow repayment of Delaware creditors with periodic status reports every six months.
U.S. Involvement Required
Gold Reserve's response states the U.S. Administration's actions in Venezuela have increased Citgo's value and enabled repayment of Delaware creditors.
Proposed Solution
Gold Reserve believes a Venezuela-led purchase supported by the U.S. Administration could resolve creditors' claims promptly and comprehensively.
U.S. Filing Deadline
The U.S. Court of Appeals for the Third Circuit invited the United States to express views by October 13, 2026, with no filing submitted as of this release.
Key Legal Proceedings
The appeal involves Crystallex International Corporation v. Bolivarian Republic of Venezuela, 1:17-mc-00151-LPS (D. Del.).
Company Background
Gold Reserve is a US-owned mineral exploration company listed on TSX Venture Exchange, Bermuda Stock Exchange, and OTCQX.
Forward-Looking Statements
The release contains forward-looking statements about potential abeyance, repayment of creditors, and the impact of U.S. actions in Venezuela.
Next Steps
Gold Reserve's response supports Venezuela's six-month abeyance request pending U.S. backing for a prompt resolution of creditors' claims.
Here's the gist
Gold Reserve filed a response supporting Venezuela's motion for a six-month abeyance in the PDVH share appeal, contingent on U.S. support for repayment of Delaware creditors.
