Yuko's bid for bankruptcy protection.
Posted: Fri Dec 17, 2004 1:00 pm
http://edition.cnn.com/2004/BUSINESS/12/17/yukos/index.html
HOUSTON, Texas -- A U.S. bankruptcy judge has issued a temporary restraining order to halt the planned auction of Russian oil company Yukos' main oil-producing subsidiary, Yuganskneftegaz, Reuters reports.The auction of the unit, planned for Sunday, was ordered by Russian authorities in the ongoing dispute over taxes that the Russian government says are owed by Yukos.
According to Reuters, U.S. Bankruptcy Judge Letitia Clark excluded the Russian government from her temporary restraining order, limiting it to Russian natural gas monopoly Gazprom and the banks that were to finance the purchase. Gazprom was expected to win the auction for Yugansk.
and in response...
http://news.bbc.co.uk/2/hi/business/4099673.stm
Russia has said it will auction off a key production unit of embattled oil company Yukos as planned this weekend despite a US court injunction. Authorities aim to sell Yuganskneftegas on Sunday, 19 December, to pay Yukos' $27.5bn (£14.2bn) tax bill.
On Thursday, a US bankruptcy judge granted a temporary injunction blocking the Yuganskneftegas sale. But Russian officials said the Houston court had no jurisdiction in the case and called the ploy a "nonsense".
The Russian Federal Property Fund, charged with selling Yuganskneftegas, "is not a private shop but a specialized state department," fund spokesman Alexsander Komarov told local radio station Ekho Moskvy. "We are strictly guided by Russian laws, court rulings and the relevant resolutions of court bailiffs. As for Yuganskneftegas shares, a relevant resolution has been passed."
The fund added that it has not received an "order to cancel the auction. Therefore, we are still planning to continue".
Archived topic from Anythingforums, old topic ID:1458, old post ID:18609
HOUSTON, Texas -- A U.S. bankruptcy judge has issued a temporary restraining order to halt the planned auction of Russian oil company Yukos' main oil-producing subsidiary, Yuganskneftegaz, Reuters reports.The auction of the unit, planned for Sunday, was ordered by Russian authorities in the ongoing dispute over taxes that the Russian government says are owed by Yukos.
According to Reuters, U.S. Bankruptcy Judge Letitia Clark excluded the Russian government from her temporary restraining order, limiting it to Russian natural gas monopoly Gazprom and the banks that were to finance the purchase. Gazprom was expected to win the auction for Yugansk.
and in response...
http://news.bbc.co.uk/2/hi/business/4099673.stm
Russia has said it will auction off a key production unit of embattled oil company Yukos as planned this weekend despite a US court injunction. Authorities aim to sell Yuganskneftegas on Sunday, 19 December, to pay Yukos' $27.5bn (£14.2bn) tax bill.
On Thursday, a US bankruptcy judge granted a temporary injunction blocking the Yuganskneftegas sale. But Russian officials said the Houston court had no jurisdiction in the case and called the ploy a "nonsense".
The Russian Federal Property Fund, charged with selling Yuganskneftegas, "is not a private shop but a specialized state department," fund spokesman Alexsander Komarov told local radio station Ekho Moskvy. "We are strictly guided by Russian laws, court rulings and the relevant resolutions of court bailiffs. As for Yuganskneftegas shares, a relevant resolution has been passed."
The fund added that it has not received an "order to cancel the auction. Therefore, we are still planning to continue".
Archived topic from Anythingforums, old topic ID:1458, old post ID:18609