An Elliott Investment Management affiliate won an auction for Citgo Petroleum Corp.’s parent company with a bid for $7.3 billion, clearing a key hurdle in the fund’s push to acquire an oil refiner that was once Venezuela’s largest foreign asset.

A conditional offer for shares in Citgo Petroleum's parent by financial firm Elliott Investment Management was accepted by a U.S. court officer overseeing an auction that could decide the future control of the Venezuela-owned oil refiner,

Elliott and other U.S. investors have agreed to pay nearly $7.3 billion to acquire Citgo’s parent company, with proceeds set to help compensate creditors of the bankrupt Venezuelan government.

After being made to start at the back of the pack at Kansas Speedway, Chase Elliott survived further NASCAR playoff implications when escaping an early wreck.

Chase Elliott will face a tough battle at Kansas Speedway this Sunday, as an engine issue will force him to start from the rear of the field. The setback comes at a crucial time, with the Hollywood Casino 400 serving as the first race in the Round of 12 in the NASCAR playoffs.