Yukos threw itself into bankruptcy in December in Houston in a desperate bid to block its home country from auctioning off Yuganskneftegaz, its biggest oil production unit, to settle $27.5 billion owed in back taxes.
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Yukos Seeks US Protection
Yukos is within its rights to seek Chapter 11 protection from creditors in Houston
Russian beleaguered Yukos, trying to keep its bankruptcy case before a U.S. court, argued Wednesday it is within its rights to seek Chapter 11 protection from creditors in Houston despite claims it circumvented the requirements.
Deutsche Bank and Gazpromneft, formerly part of Russian gas giant Gazprom, have challenged the U.S. District Court's jurisdiction in the case. Deutsche Bank intended to fund Gazpromneft's takeover of Yukos' main oil production unit Yuganskneftegaz.
Yukos threw itself into bankruptcy in December in Houston in a desperate bid to block its home country from auctioning off Yuganskneftegaz, its biggest oil production unit, to settle $27.5 billion owed in back taxes.
Yukos threw itself into bankruptcy in December in Houston in a desperate bid to block its home country from auctioning off Yuganskneftegaz, its biggest oil production unit, to settle $27.5 billion owed in back taxes.
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