US Hedge Fund to Purchase Yukos Assets

A US hedge fund manager has confirmed he is in talks to provide funding for the purchase of Russian bankrupt Yukos’ foreign assets won by a former unit of state oil group Rosneft in an auction last week.

Richard Deitz, head of US hedge fund VR Capital, said he was in talks to fund the winning bid for Yukos’s foreign assets, won by Promneftstroi for $305m in a final Yukos bankruptcy sale. The lot includes Yukos Finance BV, estimated to hold up to $2.5bn in assets.