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Yukos Chairman Tells Shareholders To Sell

Law360 (June 22, 2006, 12:00 AM EDT) -- The chairman of the board of troubled Russian oil company Yukos told shareholders on Wednesday that it should sell the remainders of the company to Rosneft, the state-controlled oil giant, rather than restructure and attempt to emerge from bankruptcy.

"I think the most reasonable solution to the situation that has emerged might be to sell the whole of Yukos direct to the state-owned Rosneft," chairman Viktor V. Gerashchenko told the shareholder meeting at a Moscow hotel, according to the New York Times.

Geraschenko offered an uncharacteristically...
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