Bermudian-based Gold Reserve Ltd has stepped up its battle in the high-profile sale of Citgo Petroleum’s parent company, telling a United States court that its $7.9 billion bid should be approved instead of a rival offer that is $2 billion lower.

In new filings in Delaware this week, Gold Reserve confirmed it will act as a “competing objector” in the case. The company said it will present its improved bid through its subsidiary, Dalinar Energy, and asked the court to reject the Amber Energy bid recommended by the court-appointed Special Master.

Gold Reserve disclosed fresh bid materials, including a $720 million equity commitment tied to the purchase of creditor claims, as well as financing of up to $6.5 billion, with $4.85 billion available at closing. The company also made amendments to its stock purchase agreement to address creditor concerns.

In a separate filing, Gold Reserve joined Venezuela in demanding that the court release fully unredacted transcripts of private conferences held between the judge and the Special Master in August. The company argued that these transcripts include discussions about the impact of the 2020 Petróleos de Venezuela, SA bondholder litigation and its own bid, information it says should not be kept confidential in such a contested process.

Gold Reserve also urged the court to delay any decision to terminate its existing Dalinar Energy agreement until its motion to strike Amber’s bid is decided. The company argues that the Special Master’s recommendation may have violated court-ordered protections designed to prevent unfair bidding.

Two other creditors, Siemens Energy and Valores Mundiales, have joined Gold Reserve’s motion to strike Amber’s offer.

The Delaware court will weigh the competing arguments at a hearing later this month. The outcome will decide whether Citgo’s shares are sold to Gold Reserve or to Amber Energy at a lower price.