Yukos files for U.S. bankruptcy court
Stark Russian oil giant Yukos a last ditch bid law aimed at reducing the threat of its auction of basic skills production unit, the demand for protection of insolvency proceedings in a U.S. court and wants an injunction against the sale.
Yukos’ emergency costume research under Chapter 11 bankruptcy protection in the USA was Bankruptcy Court in Houston, Texas, on Tuesday after management of the company, pumps a fifth of Russian oil has decided that there is no possibility of controlling the process by the Russian judicial system.
“Our management to conclude that absolutely no chance, our right to obtain the Court of Russia,” Chief Financial Officer, said Bruce Misamore, in his statement under oath before the Court of Justice.
But even if the court grants the jurisdiction of Yukos, cancels the auction and recognizes the protection of enterprises, lawyers and analysts said the Russian government, stops short.
As a banal Kremlin to punish former CEO Mikhail Khodorkovsky’s perceived political ambitions, the campaign against Yukos and its owner, the company has reversed its value. Khodorkovsky has been in prison for 14 months, he tries, the costs, including fraud and tax evasion.
President Vladimir Putin has tenure cases, as part of the official procedure lasts against the shadow accounting and corruption.
In its request, Yukos said that, from October 31, their total assets amounted to approximately $ 12,276 billion and all its debts have been about $ 30.79 billion, including “alleged taxes vis-à-vis the Russian government.” He said that there were 200 to 999 creditors.
The foreign institutional investors, maintain about 15 percent of Yukos shares, some have lost $ 5.7 billion since April, Yukos, “said the Tribunal documents.
Saying the tax authorities, it has $ 27.8 billion Yukos and Yuganskneftegaz, which produces about 60 percent of Yukos oil, for the Sunday auction to cover part of the bill.
Observers suggest the tax claims have been developed for the aircraft to a Kremlin-affiliated companies - probable natural gas giant Gazprom.
“There can be only one real winner in this sale: Gazprom,” said Misamore at Yukos to seek an injunction.
Yukos officials say the auction starting price of $ 8.6 billion is a gift and you include the $ 15 billion to 18 billion dollars registered evaluating a Western investment bank.
“If the sale is completed, Yukos is definitely difficult to be damaged and irreparable,” the court said the bid.
Misamore in storage because he currently works from his home office in Houston and part of the company’s finances are in the city of Texas, the court should grant the discount.
“They have shown an essential relationship with the USA,” said Rhett Campbell, head of Houston-based Thompson and Knight law firm’s bankruptcy practice. “But obviously the biggest part of their fortune in Russia, it is clearly a Russian company. Now, they say their CFO is in Houston, and their principal place of business is in Houston, Texas.”
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