Paul Singer’s Elliott Management is one of the big winners in Venezuela’s forced sale of Citgo and the toppling of Maduro

Houston-based Citgo Petroleum is the last-remaining crown jewel of Venezuela’s international oil assets and it’s in the process of being sold to a refining startup backed by activist investor Paul Singer’s Elliott Investment Management, following a decade-long legal battle.

At the end of November, Elliott-backed Amber Energy won an oft-delayed and hotly contested court-ordered auction for Citgo at a discounted price of $5.9 billion. The company also has to pay more than $2 billion for holders of defaulted Venezuelan bonds.