12.16.2004
Yukos Files for Bankruptcy Protection in Bush's Backyard (Guardian.co.uk)
Russian oil giant takes Kremlin fight to new heights in US
Nick Paton Walsh in Moscow and Terry Macalister
Thursday December 16, 2004
The Guardian
Russian oil giant Yukos yesterday increased the stakes in its battle with the Kremlin when it filed for bankruptcy in the United States in an unusual move possibly intended to pitch Washington against Moscow.
The world's second largest oil producer filed for chapter 11 protection in Houston, Texas, the home state of President George Bush, despite Yukos having few assets in the US.
A US bankruptcy judge scheduled a session for later today to hear arguments in the bankruptcy filing and decide whether the court should issue a temporary restraining order blocking the planned sale of a part of the business responsible for 60% of its output.
Some industry experts believe Yukos is deliberately trying to win American political - as well as legal - backing just four days before state bailiffs in Russia sell off its main production unit to settle a $28bn (£14.4bn) tax debt.
The move comes at a time when relations between Mr Bush and his Russian counterpart, Vladimir Putin, are strained over the controversial election results in Ukraine.
(More ... Guardian Unlimited | The Guardian | Yukos files for bankruptcy protection in Bush's backyard) ¶ 19:15
Nick Paton Walsh in Moscow and Terry Macalister
Thursday December 16, 2004
The Guardian
Russian oil giant Yukos yesterday increased the stakes in its battle with the Kremlin when it filed for bankruptcy in the United States in an unusual move possibly intended to pitch Washington against Moscow.
The world's second largest oil producer filed for chapter 11 protection in Houston, Texas, the home state of President George Bush, despite Yukos having few assets in the US.
A US bankruptcy judge scheduled a session for later today to hear arguments in the bankruptcy filing and decide whether the court should issue a temporary restraining order blocking the planned sale of a part of the business responsible for 60% of its output.
Some industry experts believe Yukos is deliberately trying to win American political - as well as legal - backing just four days before state bailiffs in Russia sell off its main production unit to settle a $28bn (£14.4bn) tax debt.
The move comes at a time when relations between Mr Bush and his Russian counterpart, Vladimir Putin, are strained over the controversial election results in Ukraine.
(More ... Guardian Unlimited | The Guardian | Yukos files for bankruptcy protection in Bush's backyard) ¶ 19:15
