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Moscow Court To Hear Yukos Bankruptcy Case

Law360 (March 13, 2006, 12:00 AM EST) -- Despite Yukos’ attempts to wriggle out of bankruptcy, Moscow’s arbitration court has decided to open bankruptcy proceedings against the embattled oil giant in the wake of a petition filed by the company’s bank creditors.

On Friday, a group of 14 Western banks, spearheaded by French-based Societe Generale, asked the court to declare Yukos bankrupt, a crucial step in their quest to recover $482 million on a previously issued loan.

The court immediately agreed to hear the banks’ motion, accelerating a process that normally takes five days,...
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