How a TD Banker Helped Save an Unlikely Deal for Citgo
Spinning Oil Out of Gold
On this summer Friday, let’s briefly leave Bay Street to explore a tale that spans gold exploration in the 1990s, socialists in Venezuela, and a US energy company that’s well-known to Boston Red Sox fans.
Citgo Petroleum Corp., the integrated oil and gas business at the heart of this story, is the prize up for grabs in a court case that’s underway in Delaware. The battle for control of what is Venezuela’s largest foreign asset is meant to address about $20 billion in claims against the country over the seizure of assets under the regime of the late Hugo Chavez and other unpaid debts.