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Delaware Court Further Extends Topping Period for Citgo Sale Process to June 18, 2025; Confirms Other Deadlines
Gold Reserve Ltd. (TSX.V: GRZ) (OTCQX: GDRZF) (“ Gold Reserve ” or the “...
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[{"type":"text","content":"Delaware Court Further Extends Topping Period for Citgo Sale Process to June 18, 2025; Confirms Other Deadlines\n\n\n .bwalignc { text-align: center; list-style-position: inside }\n \n\n\n\n Gold Reserve Ltd. (TSX.V: GRZ) (OTCQX: GDRZF) (“\n \n Gold Reserve\n \n ” or the “\n \n Company\n \n ”) announces that today the U.S. District Court for the District of Delaware (the “\n \n Court\n \n ”) 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 (Citgo Petroleum, PDVH, PDVSA and the Republic of Venezuela) to extend the Topping Period, which motion was supported by Vitol, Inc., Rusoro Mining Ltd., the Company, and the Special Master appointed by the Court to oversee the sale process.\n \n\n The Court also confirmed the following additional deadlines for the Sale Process: (a) the deadline for the Special Master to submit his Final Recommendation is June 27, 2025; (b) the deadline for the filing of any objections to the Special Master's Final Recommendation is July 3, 2025; (c) the deadline for the filing of responses to objections to the Special Master's Final Recommendation is July 11, 2025; (d) the deadline for the filing of replies regarding any objections to the Special Master's Final Recommendation is July 16, 2025; (e) the Special Master shall submit a Joint Status Report by July 16, 2025; (f) the discovery period shall conclude on July 18, 2025; and (g) the Sale Hearing shall commence on July 22, 2025.\n \n\n The Court also directed the Special Master to meet and confer with the parties regarding a schedule for discovery relevant to objections to the Special Master’s Final Recommendation and file a proposed discovery schedule accounting for the extension of the Topping Period.\n \n\n A copy of the orders issued by the Court can be found\n \n here\n \n and\n \n here\n \n .\n \n\n A complete description of the Delaware sale proceedings can be found on the Public Access to Court Electronic Records system in\n \n Crystallex International Corporation v. Bolivarian Republic of Venezuela\n \n , 1:17-mc-00151-LPS (D. Del.) and its related proceedings.\n \n\n\n Cautionary Statement Regarding Forward-Looking...