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Delaware Court Provides for CITGO Sale Process Hearing
Gold Reserve Ltd. (TSX.V: GRZ) (OTCQX: GDRZF) (“ Gold Reserve ” or the “...
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[{"type":"text","content":"Delaware Court Provides for CITGO Sale Process Hearing\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 on April 5, 2025 the U.S. District Court for the District of Delaware (the “\n \n Court\n \n ”) issued an order scheduling a hearing on the objections to the recommendation made by the Special Master to select the bid made by Red Tree Investments, an indirect subsidiary of Contrarian Capital Management, LLC, to be the stalking horse bidder for the purchase of the shares of PDV Holding, Inc. (“\n \n PDVH\n \n ”), the indirect parent company of CITGO Petroleum Corp.\n \n\n Gold Reserve, its consortium members and other parties filed their objections to the Special Master’s recommendation on March 31, 2025. The Special Master and other parties filed their responses to the objections on April 3, 2025. Gold Reserve, its consortium members and other parties filed their replies in support of the objections on April 4, 2025. Copies of the objections, responses to the objections and replies in support of the objections can be found at\n \n https://goldreserve.bm/objections-responses-replies\n \n .\n \n\n The Court set the hearing for April 17, 2025 in Wilmington, Delaware. In the Court’s order scheduling the hearing, the Court also identified certain issues regarding the Special Master’s recommendation that were raised in the objections and scheduled pre-hearing briefing on the same. A copy of the Court’s order can be found at\n \n https://goldreserve.bm/order\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 statements\n \n\n\n\n This release contains “forward-looking statements” within the meaning of applicable U.S. federal securities laws and “forward-looking information” within the meaning of applicable Canadian provincial and territorial securities laws and state Gold Reserve’s and i...