A U.S. judge has given priority to miner Crystallex International to cash proceeds from a proposed auction of shares in one of the parents of Venezuela-owned refiner Citgo Petroleum, while granting oil producer ConocoPhillips a position 'near the front of the line.'
Because Crystallex introduced its claim in Delaware six years ago, becoming the first creditor with an arbitration award against Venezuela to resort to a U.S. court, and is the only one that has completed all steps to seize property owned by PDVSA for eventual sale, the court has given it priority.
More than a dozen additional creditors collectively holding judgments of some $5 billion have tried to follow the same path, but have been prevented by U.S. sanctions on Venezuela. The court has given some of them conditional writs of attachment, while others are still trying to be recognized by the court as additional creditors.Any additional creditors must have international arbitration awards linked to claims from asset expropriations, debt defaults or contract terminations in Venezuela.
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