Yukos Bankrupt But Not Forgotten

Law360, New York (August 2, 2006, 12:00 AM EDT) -- A Russian court has officially declared oil giant OAO Yukos bankrupt, clearing the way for the liquidation of the company’s assets. But this development doesn’t end Yukos’ bankruptcy proceedings under seldom-invoked Chapter 15 of the U.S. Bankruptcy Code.

The recent ruling from the Moscow Arbitration Court came as no surprise to Howard Seife, who represents Eduard Rebgun. Rebgun is Yukos’ interim receiver; his petition lodged the Chapter 15 case in federal bankruptcy court in Manhattan.

Seife expected the ruling because Yukos’ creditors had cast an overwhelming...
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