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Blue Water makes bid of $10 billion for Citgo parent

Blue Water Acquisition Corp announced on Friday that it had submitted a $10 billion offer for Citgo Petroleum's parent company, which is owned by Venezuela. The offer also includes a $3.2billion settlement proposal to bondholders of Venezuelan bonds in default.

The court has said that it will accept unsolicited bids if they are received after the deadline.

Blue Water Acquisition Corp. is a special-purpose acquisition company that was formed to identify high-potential businesses in diverse sectors and to complete them.

The company offers cash or stock distributions for creditors and settlements for PDVSA 2020 bonds holders to be paid in cash or shares of the publicly-listed entity that will own Citgo.

In a press release, Blue Water CEO Joseph Hernandez said, "Our $10 billion offer would allow creditors to recover immediately and also participate in Citgo's future as a U.S. publicly traded company." (Reporting and editing by Marianna Pararaga)

(source: Reuters)