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Yukos Files For Bankruptcy In U.S. Court

15 December 2004 -- Russia's Yukos oil company says it has filed for bankruptcy protection in a U.S. court.

The embattled Russian oil company says it wants an injunction against the auction of its main production unit, Yuganskneftegaz, that is scheduled for 19 December.

A company statement issued in Moscow today says Yukos filed for bankruptcy in a Houston, Texas, court to protect its assets. The statement says the impending auction by Russian authorities of Yuganskneftegaz will cause the company to suffer irreparable harm.

Yukos says it wants the U.S. court to force Russia to arbitrate the company's claims for hundreds of millions of dollars in damages it says were inflicted by what it calls an illegal campaign of huge tax demands.


See also:

Gazprom Positions Itself To Win Yuganskneftegaz Tender