Managers Block Yukos' Chapter 15 Bid In U.S.

Law360, New York (April 20, 2006, 12:00 AM EDT) -- In an effort to facilitate the sale of Russian oil giant OAO Yukos’ assets, a group of Yukos managers petitioned a U.S. Bankruptcy Court Thursday to reject Yukos’ bid for protection under seldom-invoked Chapter 15 of the U.S. Bankruptcy Code.

In practical terms, a successful bid for Chapter 15 protection would hold up the sale of Yukos’ assets, a consequence which would benefit what critics describe as the Russian government’s efforts to get their hands on as much of Yukos’ wealth as possible.

In a memorandum...
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