Gold Reserve's Dalinar loses bid to purchase PDV

Executive Summary

• Amber Energy Inc.’s $5.9‑billion bid was recommended by the special master, beating Dalinar Energy Corp.’s revised $7.9‑billion offer for PDV Holding Inc., the indirect parent of Citgo Petroleum Corp.
• Dalinar Energy plans to file a formal objection to the updated final recommendation with the U.S. District Court for Delaware by September 6, 2025.
• The court will consider all objections at a sale hearing scheduled to begin on September 15, 2025.

Key Details

• Recommended Bidder: Amber Energy Inc. (net purchase price ≈ $5.9 billion).
• Competing Bid: Dalinar Energy Corp.’s revised bid – net purchase price $7.9 billion, total economic value > $11.2 billion (includes potential $400 million additional cash/securities to junior creditors and financing support for $2.9 billion bondholder claim liability).
• Bid Difference: Amber’s offer is roughly $2 billion lower than Dalinar’s revised price.
• Objection Deadline: Dalinar must file objections with the court by September 6, 2025.
• Sale Hearing: Court will hear the case starting September 15, 2025.
• Financing Support for Dalinar: Fully financed by a lending consortium of three leading financial institutions; includes committed debt financing, post‑closing asset‑based lending, and equity financing.
• Additional Non‑Economic Improvements (Dalinar): Series of substantial non‑economic enhancements to the bid aimed at resolving objections and increasing closing certainty.
• Public Records: Full sale proceeding details available via the public court electronic records system under Crystallex International Corp. v. Bolivarian Republic of Venezuela, 1:17‑mc‑00151‑LPS (D. Del.).

Notable Quotes

(No direct quotes were provided in the release.)