Yukos files for chapter 11 bankruptcy protection in US court

Moscow (Platts)--15Dec2004

Russia's Yukos Tuesday filed a voluntary petition for reorganization under
Chapter 11 of the US bankruptcy code, Yukos said in a statement Wednesday. The
company made the filing in the US Bankruptcy Court for the Southern District
of Texas in Houston, seeking to prevent the Russian government, the auction
bidders and financiers from participating in planned sale of the company's
property, Yukos said. 

The company also asked the court for an emergency
hearing on a motion for a temporary restraining order and a preliminary
injunction to halt the planned Dec 19 auction of Yuganskneftegaz, its core
asset, and to force Russia to arbitrate the company's claims for billions of
dollars in damages, Yukos said. "Yukos was forced into reorganization because
Russian authorities are proceeding with the sale of the company's largest
unit, Yuganskneftegaz. If allowed, the sale of Yuganskneftegaz will cause the
company to suffer immediate and irreparable harm," the company said.

Read some background stories in Platts feature, Focus on Yukos
(http://www.platts.com/Oil/Resources/News%20Features/yukos/).

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