Trial on Yukos bankruptcy case appointed on March 28

The arbitrage of Moscow has appointed the trial of YuKOS bankruptcy case on March 28. "The application is accepted to the examination. The first session in this case is assigned on March 28 ", said the press- service of Moscow arbitration.

A group of western banks has applied the petition about Yukos bankruptcy to the law court.
According to previous information, in June 2005 the High Court of London satisfied the suite from 14 creditors about recovery of debts of approximately $483 million from Yukos. This is the remainder of $1 billion credit, which was given out to the company in summer, 2003 by the syndicate of the banks, among which there were Societe General, Citybank, Commerzbank, Credit Lyonnais, Deutsche Bank AG, HSBC, ING.

Later in connection with financial problems the petroleum company could not fulfill its credit obligations. In connection with this the banks applied to the law court.
The arbitrage of Moscow confirmed the resolution of London law court on September 28 in Russia, having reduced the sum of claims for $6,72 million. The judicial police officers institute legal proceedings on 11 October.

However, on November 30 the federal arbitrage of Moscow region revoked the previous decision of law court and sent the case to a new investigation to the first instance, which again made the decision about the performance of legal resolution of London law court. On February 22 this year the cassation confirmed the last resolution of Moscow arbitration.

In the beginning of March, the foreign bank- creditors reported filing a suite about bankruptcy of Oil company Yukos of to the arbitrage of Moscow court.

sections: Economics, Region News
regions: Central region