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...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.