Bermudian-based Gold Reserve Ltd is facing objections from several parties after a US court official recommended the company’s subsidiary, Dalinar Energy Corporation, as the top bidder in the high-stakes sale of Citgo Petroleum’s parent company.

On July 7, four groups filed formal objections to the recommendation made by the US District Court for the District of Delaware. These include Red Tree Investments, who had previously been named the preferred bidder, along with certain 2020 bondholders, Citgo and its parent PDV Holding Inc and Crystallex International Corp.

Another party, ConocoPhillips, submitted a “notice of potential objection”, meaning it may challenge the sale but has not committed yet.

Three other groups, including Huntington Ingalls and investment firms based in Europe and the Cayman Islands, did not object outright but reserved their right to do so later.

Gold Reserve’s bid was reportedly much higher than Red Tree’s, according to a press release, which led the court’s special master to choose Dalinar instead. The objections could complicate the sale process.

All parties involved must file detailed arguments with the court by July 23, with responses due by August 6. The final sale hearing is scheduled for August 18.

The sale stems from a long-running legal battle involving an arbitration award held by Gold Reserve against Venezuela. The dispute is part of a broader, court-supervised process aiming to satisfy more than $21 billion in claims against Venezuela and its state oil company PDVSA, which accused it of asset expropriations and debt defaults.

Full details and court filings can be accessed online at https://goldreserve.bm.