February 4, 2019 [Reuters] - U.S. refiner Citgo, owned by Venezuelan state oil firm PDVSA, denied a report on Thursday that it was considering filing for bankruptcy in the United States amid a row between the Trump administration and Venezuela’s leftist government.
The Wall Street Journal had reported that Citgo was considering various options including a bankruptcy to protect its operations as it deals with a looming governance crisis and competing creditor claims on its assets.
“Citgo has no intention of entering into bankruptcy proceedings,” a spokesman for the company told Reuters via email. “We continue to maintain a strong balance sheet, flat debt levels and liquidity of more than $1 billion into the new year,” he added.
A U.S. decision to impose sanctions on Venezuela’s oil industry this week has caused both sides to engage in aggressive moves to control Citgo, which has roots in the United States dating back 100 years, but has been owned by PDVSA for three decades.
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