Posted by: russiaoilandgas | July 23, 2007

Rosneft Grabs More Yukos Assets; Shareholders May Get Payout

Yukos Rosneft Oil Russia Russian Receivers Debt Tax PayoutAs Rosneft grabbed more Yukos assets in the latest round of sales designed to pay off the bankrupt company’s $26 billion dollars of debt, it emerged that Yukos shareholders may receive a payout following the liquidation of the company.

Although the Russian government has first call on any money raised from asset sales to pay off the back taxes it is owed by Yukos, a spokesman for the Yukos receiver, Nikolai Lashevich, has told the Moscow Times that shareholders in the former Russian oil giant may receive a payout.

Before its collapse, disgraced oiligarch, Mikhail Khodorkovsky’s Yukos was Russia’s largest exporter of crude oil, and asset sales have raised approximately 800 billion roubles ($31.5 billion).  However, Yukos’ current debts exceed 709 billion roubles and Lashevich indicated that Yukos’ tax burden and the total debts it owes are yet to be determined and are likely to be ‘significant’.

1.2 billion roubles has already been claimed by the first round of applications, and Lashevich has affirmed that late applying creditors will also get payout before shareholders.

Click here for the full story

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