Court Blocks Yukos Sale of Refinery Stake

Law360, New York (April 28, 2006, 12:00 AM EDT) -- A bankruptcy judge has extended an order to prevent OAO Yukos management from selling the company’s stake in a Lithuanian oil refinery.

Judge Robert Drain ruled on Friday that Yukos managers will not be allowed to part with its 53.7% claim in an oil refinery in Lithuania’s Mazeikiu Nafta, for which they have received offers of approximately $1.5 billion.

Drain hoped the companies would work out a deal that would allow the sale and also direct the proceeds to a Yukos-owned Dutch company, which would likely...
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