Yukos outlines its options: bankruptcy or liquidation
Russia’s Yukos has all but run out of options to keep its business afloat, as gas giant Gazprom looks increasingly likely to try to snap up Yuganskneftegaz at next month’s auction of the key Yukos subsidiary. Further twists to the already roller-coaster Yukos saga could yet be seen ahead of the Dec 19 auction, observers say. But the chances of anything turning in Yukos’ favor seem nonexistent. Yukos has stripped back the agenda for its Dec 20 shareholders meeting, leaving only two options for shareholders to consider: bankruptcy or liquidation. The company originally also had intended to put forward a crisis-management plan, but its problems have now deepened to such an extent that struggling on no longer seems an option. Quite apart from the $20-bil Yukos still owes in back-tax claims, Yuganskneftegaz is up to three months behind in paying current taxes. The firm’s other subsidiaries are also on the point of falling behind with their ongoing payments. Neither of the shareholders’ options looks especially palatable. And it is beginning to seem inconceivable Yukos’ other assets will not follow the 76.8% of Yuganskneftegaz that is to go under the hammer. Read More and view Platts Yukos story archive...
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