Monday, July 05, 2004

Yukos is Bankrupt?
yikes, and they haven't even got the tax bill yet from the government. maybe the creditors believe that forcing the firm into bankruptcy will mean that the russian govt will step in to prevent its total collapse and provide funding.

its probably no coincidence that not too long ago, putin said he won't let yukos go under. i think its going to be nationalized and the creditors are looking for a payout before it does. interesting:

Western creditors declare Russian oil firm Yukos in default

Beleaguered Russian oil giant Yukos said Western creditors had declared it in default of a billion-dollar bank loan, driving the firm closer towards bankruptcy as it confronts a ruinous tax bill.

Yukos, whose jailed billionaire founder has been the target of a year-long campaign seen as Kremlin revenge for his political ambitions, received a default notice from French bank Societe Generale on Friday, one day after a Moscow court froze the company's bank accounts.

Russia's largest oil producer, which pumps almost one in every five barrels of crude in the world's number two oil exporter after Saudi Arabia, accused the state of squeezing it dry.

"Actions of representatives of the Russian government have led Russia's best and most creditworthy company to the brink of an unintended and artificial situation of insolvency and possible bankruptcy," Yukos' chief financial officer Bruce Misamore said in a statement.

or, if its in receivership, the creditors might force a sellout that would payout more money than if the govt nationalized the company and paid out the creditors and owners.

this is something to watch either way.

No comments: