ConocoPhillips Bids for Pieces of Citgo With Claims, Not Cash

ConocoPhillips—the largest Citgo creditor thanks to Venezuela’s $12 billion appropriation of Conoco’s assets—has made a bid in the U.S. court auction that is determining the fate of Venezuela-owned Citgo Petroleum. But ConocoPhillips submitted a credit bid using its claims in lieu of cash, people familiar with the process told Reuters on Friday. Conoco isn’t the only company to attempt to apply their claims towards bids, a court officer overseeing the auction told Reuters. If approved, this turn of events would reduce…