Citgo parent auction nears final stages as sale hearing kicks off

Group 1 - The sale hearing for Citgo Petroleum's parent company is a critical event in a long-standing legal battle involving multiple creditors and bidders [1][2][4] - The Delaware court is currently evaluating bids, with a focus on a $5.9 billion offer from Amber Energy, which has faced objections from various parties [6][7] - ConocoPhillips, the largest creditor with over $11 billion in claims, has been involved in litigation since its assets were expropriated in 2007 [4] Group 2 - The hearing is expected to last four days, during which testimonies from involved parties and experts will be presented [1] - A previous recommendation favored Gold Reserve, but the situation changed due to a last-minute bidding war [6] - The outcome of the hearing will test the viability of the Amber bid against procedural and geopolitical challenges [8]