Judge lifts stay protecting Yukos assets

[JURIST] US District Judge Nancy Atlas decided Friday against renewal of the automatic stay protecting the remaining assets of Yukos [official website], the Russian energy company whose bankruptcy case was dismissed in a Houston bankruptcy court [JURIST report] last February. The decision comes as a major loss to Yukos, which faces a $27.5 billion back tax bill enforced by the Russian authorities. With the stay lifted, banks may sell Yukos assets and the Russian government can proceed with auctioning major oil-producing subsidiaries including the Yuganskneftegaz [corporate profile] refinery in Siberia. Yukos executives contend that the tax bills is politically motivated and faulty. The Houston Chronicle has more.

 

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