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Updating the Yukos case -- Yukos throws in the bankruptcy towel
Russian oil giant and former U.S. debtor-in-possession under chapter 11 OAO Yukos waved "good-bye" to the Houston federal courthouse yesterday by announcing that it would no longer pursue an appeal of U.S. Bankruptcy Judge Letitia Clark's decision last month that...
Updating the Yukos case -- Yukos continues to go for broke
Russian oil company and former United States debtor-in-possession OAO Yukos lost another round in its legal battle with its creditors Friday as U.S. District Judge Nancy Atlas declined to grant the company a stay under Fed. R. Bankr. P. 8005...
The high risk of conducting business in Russia
Earlier this year, the Yukos chapter 11 case in Houston highlighted the fact that governmental persecution is a risk of doing business in the still emerging capitalist markets of Russia. An incident yesterday underscored another risk of doing business in...
Updating the Yukos case -- Judge Clark dismisses chapter 11 case
U.S. Bankruptcy Judge Letitia Z. Clark dismissed OAO Yukos' controversial chapter 11 case yesterday, concluding that there is inadequate precedent for a major foreign oil company to gain the substantial legal protections of a debtor-in-possession under U.S. bankruptcy law. Here...
Updating the Yukos case -- Hearing on Motion to Dismiss cranks up
The hearing on whether Russian oil company and American debtor-in-possession OAO Yukos' chapter 11 case should be dismissed began on Wednesday in U.S. Bankruptcy Judge Letitia Clark's Houston courtroom as Hugh Ray, Deutsche Bank AG's lawyer, urged Judge Clark to...
Updating the Yukos case -- Yukos files $20 billion lawsuit
Russian oil company and American debtor-in-possession OAO Yukos filed a lawsuit seeking damages of $20 billion late Friday in Houston against Russian natural gas giant OAO Gazprom, its unit Gazpromneft, Baikal Finance and OAO Rosneft for playing a role in...
Kremlin tightens grip on oil and gas reserves
In a trend that has been developing over the past year in connection with the Russian government's handling of Russian oil giant OAO Yukos, the Russian government announced Thursday that foreign-owned oil and gas companies will not allowed to bid...
Updating the Yukos case -- Yukos shareholder sues Russian Government
Group Menatep Ltd. is the offshore entity under which jailed Russian billionaire Mikhail Khodorkovsky and several of his associates hold the controlling stake in Russian oil company and American debtor-in-possession OAO Yukos. Here are the previous posts on the fascinating...
Updating the Yukos case -- Yukos narrows its bank lawsuit
Wounded Russian oil company but American debtor-in-possession OAO Yukos has dismissed five banks from its tortious interference lawsuit that it has brought in federal court in Houston in connection with its pending chapter 11 case. Here are the previous posts...
Updating the Yukos case -- Will Yukos sue China?
As Russian oil giant OAO Yukos continues its attempt to maintain jurisdiction of its pending chapter 11 bankruptcy case in Houston, this report today confirms what had been suspected earlier -- i.e., that energy-driven China loaned Russia $6 billion secured...
Updating the Yukos case -- Judge Clark postpones Yukos discovery
U.S. Bankruptcy Judge Leticia Clark denied OAO Yukos' request Thursday to commence discovery in regard to its claims for damages against several international financial institutions and Russian entities pending a February 16th hearing on OAO Gazprom's motion to dismiss the...
Updating the Yukos case -- What is going on with Yugansk?
After announcing late last week that Yuganskneftegaz ("Yugansk") -- OAO Yukos' former primary production unit -- would not be transferred to state-controlled OAO Gazprom as anticipated, the Russian government announced over the weekend that Yugansk is now operating as a...
Updating the Yukos case -- Gazprom will not get Yugansk after all
In a surprise move, the Russian government announced Thursday that Yuganskneftegaz ("Yugansk") -- the main oil production unit of bankrupt Russian oil giant OAO Yukos -- will not be conveyed to to Russian gas giant OAO Gazprom as widely anticipated....
Updating the Yukos case -- Yukos defaults on huge loans
OAO Yukos, the Russian oil company wallowing in a chapter 11 case in Houston, had its credit-rating slashed to default status yesterday after it failed to make the interest payments on a $1 billion loan from a syndicate of western...
Updating the Yukos case -- Rosneft debt downgraded
OAO Rosneft, the Russian government-controlled oil company that has bought OAO Yukos' Yuganskneftegaz ("Yugansk") huge oil unit, has been put on credit watch by Standard & Poor's Ratings Services in a quintessentially Western financial assessment of the riskiness of the...
Updating the Yukos case -- Gazprom confirms control of Yugansk
Russian gas giant OAO Gazprom confirmed yesterday what everyone in the international oil and gas business suspected -- that it will control Yuganskneftegaz ("Yugansk"), which was formerly the main oil-production unit of OAO Yukos. Here are the earlier posts about...
Updating the Yukos case -- Rosneft buys Yugansk unit
Russian oil company OAO Rosneft announced today that it has acquired Baikal Finance Group, the purchaser of OAO Yukos' main production unit Yuganskneftegaz ("Yugansk") at a Russian government auction last Sunday. Here are the earlier posts covering the auction and...
Updating the Yukos case -- who is Baikal Finance?
Parties involved in the Yukos chapter 11 case on Monday were attempting to discover information regarding Baikal Finance Group, which was the obscure winner of Sunday's Russian government auction of the Yukos oil unit Yuganskneftegaz ("Yugansk"). Several news services reported...
Updating the Yukos case -- Gazprom appeals TRO
Gazprom, the Russian state-controlled natural gas giant, has appealed and requested a stay of a U.S. Bankruptcy Court's temporary restraining order that enjoins Western financial institutions from financing Sunday's scheduled government auction of Yukos' main production subsidiary Yuganskneftegaz ("Yugansk")in Moscow....
Updating the Yukos case -- Judge Clark issues TRO
U.S. Bankruptcy Judge Letitia Z. Clark issued a temporary restraining order late Thursday enjoining the Russian government's auction in Moscow on Sunday of the main production subsidiary of Russia's OAO Yukos. Here are the earlier posts on the Yukos chapter...
Updating the Yukos case -- TRO hearing proceeding
On the heels of Yukos' chapter 11 filing late Tuesday in a Houston, U.S. Bankruptcy Judge Letitia Clark will continue hearing testimony on Yukos' request for a temporary restraining order this morning. The TRO request is Yukos' last ditch attempt...
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