Blue Water Acquisition Submits $10B Bid To Acquire PDV Holding; Plans Cash Or Stock Payouts To Creditors And $3.2B PDVSA 2020 Bond Resolution

Blue Water Acquisition Corp. III (NASDAQ:BLUWU) ("Blue Water" or the "Company") today announced that it has submitted a $10 billion bid to acquire PDV Holding Inc., the parent company of Citgo Petroleum Corp., in a Delaware court-supervised auction process.

The Company's proposal would provide cash or stock distributions to PDV Holding Inc.'s general creditors, a $3.2 billion settlement for holders of the PDVSA 2020 bonds to be paid either in cash or in shares of the publicly listed entity that will own Citgo.