Gold Reserve Provides Update on Court Decision in Citgo Sale Process: Delaware District Court Adopts Special Master's Recommendation of Elliott/Amber Energy $5.9 Billion Bid Over Objections

Executive Summary

• The U.S. District Court for the District of Delaware adopted the Special Master’s recommendation, ordering that PDVH shares be sold to Elliott/Amber Energy despite a $2 billion lower bid than Gold Reserve/Dalinar Energy’s fully‑financed $7.9 billion offer.
• The court set a joint status report deadline of 28 Nov 2025 and indicated a Final Sale Order will be issued on or before 1 Dec 2025.
• Gold Reserve announced it will pursue all appellate remedies, citing conflicts of interest and excessive fees paid to the Special Master’s advisors.

Key Details

• Court Decision: Delaware court approved the Special Master’s recommendation favoring Elliott/Amber Energy over Gold Reserve’s higher bid.
• Bid Comparison: Elliott/Amber Energy bid is $2 billion lower than Gold Reserve/Dalinar Energy’s $7.9 billion fully‑financed offer.
• Objections: Gold Reserve, together with creditors Siemens Energy, Inc., Valores Mundiales, S.L., and Consorcio Andino, S.L., filed objections; the Venezuelan government parties also objected.
• Next Steps – Reporting: Parties must file a joint status report by 28 Nov 2025.
• Final Sale Order Timeline: Expected on or before 1 Dec 2025.
• Closing Conditions for Elliott/Amber Energy: Must obtain an OFAC license and all other regulatory approvals; closing is stayed until at least seven days after such approvals are confirmed.
• Potential Appeal: Gold Reserve will evaluate appellate remedies and other relief avenues to protect its rights.
• Conflict of Interest Claims: Gold Reserve alleges $170 million in fees were paid to the Special Master’s advisors from affiliates of Elliott and 2020 bondholders.
• Regulatory Delay Provision: Court provided “sufficient time” for a stay pending appeal from the Third Circuit.

Notable Quotes

(No direct quotes included in the release.)