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YUKOS Bankruptcy Complete
The Moscow Arbitration Court completed bankruptcy proceedings against YUKOS yesterday. After the company is removed from the state register of legal entities, which should take no more than a month, YUKOS will cease to exist. The court declared creditor demands that were not met during the bankruptcy paid and the RTS stock exchange and stopped trading in YUKOS stock. Legal experts say that the corporate case is still likely to be heard by the European Court of Human Rights in Strasbourg, however.
YUKOS bankruptcy manager Eduard Rebgun reported to the court that bankruptcy proceedings raised 877.064 billion rubles. Of that sum, 860.262 billion rubles came from the sale of property and 5.417 billion rubles from interest on the company's remaining deposits in Gazprombank. That was enough money to repay the creditors on the register (709.5 billion rubles) and satisfy 68.3 percent of the demands of other creditors (mainly profits tax on the sale of the property). YUKOS operations cost 2.25 billion rubles. The cost of bankrupting the company came to 1.728 billion rubles, 1.017 billion rubles of which went to the Russian Federal Property Fund for the selling the company's assets. Lawyers working overseas on the case were paid 284 million rubles, and estimators were paid 176.5 million rubles. Rebgun earned 30.5 million rubles.
A suit by Tomsky Vestnik Publishing House demanding 850,000 rubles is scheduled to be heard on November 28. The Trast investment bank and OOO Tangra Oil had requested that the completion of bankruptcy proceedings be delayed until an appeals court heard their appeal on claims of 3 billion rubles and $13 million, respectively. The court noted that there was no more money, so there is no sense in continuing the bankruptcy proceedings. A Dutch court has refused to recognize the YUKOS bankruptcy.
www.kommersant.com
All the Article in Russian as of Nov. 13, 2007
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