Investing.com -- A U.S. court official has proposed a 30-day period to receive bids for shares in the parent company of Citgo Petroleum, a Venezuela-owned refiner. The suggested timeframe for this competitive bidding process is set to begin on April 28, according to a court document filed late on Thursday.

The court official, who is overseeing the auction, has also proposed that the final winner of the sale process be selected on June 11. This proposal comes after the confirmation of the starting offer for the bidding round.

The proposed plan is currently awaiting approval from the Delaware judge who is responsible for the case. The judge’s decision will determine whether the proposed timeline for the bidding process is accepted or if adjustments need to be made. The court document did not provide details about the starting offer or potential bidders for the Citgo Petroleum shares.

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