S&P 500 falls after giving up gains as Oracle slump weighs on tech
WILMINGTON - Blue Water Venture Partners has requested approval from a Delaware federal court to consider its unsolicited $10 billion bid for CITGO Petroleum Corporation’s assets, according to a press release statement issued Tuesday.
The motion was filed on September 12 in the case of Crystallex International Corp. v. Bolivarian Republic of Venezuela. The company stated that no parties have filed responses or objections to the request so far.
Blue Water, an entity affiliated with Joseph Hernandez, who serves as Chairman and CEO of Blue Water Acquisition Corp III (NASDAQ:BLUWU), claims its offer exceeds competing bids from other companies including Amber Energy and Gold Reserve. According to InvestingPro data, BLUWU currently has a market capitalization of $322.11 million and trades near its 52-week high of $10.13, showing strong market confidence despite not being profitable in the last twelve months.
The proposed transaction structure would allow judgment creditors to choose between immediate cash at closing or equity in a NASDAQ-listed public company. The bid also includes a dedicated settlement fund for PDVSA-2020 bondholders.
"Blue Water’s proposal, alongside BWAC III, is designed to maximize value for creditors, deliver a clean resolution of outstanding bondholder disputes, and provide a clear path to a U.S.-controlled, publicly listed energy company," Hernandez said in the release.
The bid requires authorization from the Special Master overseeing the case to proceed with formal discussions. The company indicated it is prepared to engage immediately if the court grants its motion.
CITGO’s assets are being sold through a court-supervised process stemming from Venezuela’s debt obligations. Any potential transaction would require regulatory approvals and other conditions to be met before completion. InvestingPro analysis shows BLUWU maintains a FAIR financial health score, with notably low price volatility - crucial factors for investors monitoring this significant acquisition bid. Unlock more insights and 5 additional ProTips with an InvestingPro subscription.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.