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Gold Reserve Provides Update on Objections to the Special Master's Final Recommendation in the CITGO Sale Process
Gold Reserve Ltd. (TSX.V: GRZ) (OTCQX: GDRZF) (“Gold Reserve” or the “Compan...
About this update from Gold Reserve Ltd.
[{"type":"text","content":"Gold Reserve Provides Update on Objections to the Special Master’s Final Recommendation in the CITGO Sale Process\n\n\n .bwalignc { text-align: center; list-style-position: inside }\n.bwlistdisc { list-style-type: disc }\n \n\n\n\n Gold Reserve Ltd. (TSX.V: GRZ) (OTCQX: GDRZF) (“Gold Reserve” or the “Company”) announces that, pursuant to the schedule set by the U.S. District Court for the District of Delaware (the “Court”), various parties filed memoranda in support of objections to the Special Master’s Final Recommendation that Gold Reserve’s U.S. acquisition subsidiary, Dalinar Energy Corporation, should be selected by the Court to purchase the shares of PDV Holding, Inc. (“PDVH”), the indirect parent company of CITGO Petroleum Corp. (“CITGO”).\n \n\n The objections mostly tracked the “Notices of Objection” filed on July 7, 2025 (and announced by the Company\n \n here\n \n ) but, in a material change, Red Tree Investments LLC (“Red Tree”) stated that ”it no longer objects on the basis that the Court should pick its bid instead of Gold Reserve’s.” This means that the Gold Reserve / Dalinar Energy bid recommended by the Special Master is the only conforming bid remaining in the Delaware Sale Process.\n \n\n The parties that filed memoranda in support of objections are as follows:\n \n\n\n Red Tree;\n \n\n Crystallex International Corporation;\n \n\n the ConocoPhillips companies (filed a “limited objection”);\n \n\n the ACL1 companies and OI European Group B.V. (both filed short joinders to certain of the objections filed by Crystallex and the ConocoPhillips companies);\n \n\n the “Venezuela Parties” (the Bolivarian Republic of Venezuela, PDVSA, PDVH and CITGO) (filed under seal); and\n \n\n the 2020 bondholders (joined by the Trustee and Collateral Agent for the 2020 bonds).\n \n\n\n Under the Court’s schedule, responses to the objections are due by August 7, 2025, and further briefing is then to take place in advance of the August 18, 2025 Sale Hearing. A period of limited discovery regarding the objections is now ongoing.\n \n\n A copy of the filings can be found\n \n here\n \n .\n \n\n A complete description of the Delaware sale proceedings can be found ...