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Yukos Declared to be Bankrupt

A Russian court will now have to rule on whether to declare it officially bankrupt and will decide on the sale of its assets

Yukos Declared to be Bankrupt

Embattled Russian oil major Yukos should be declared bankrupt, its court-appointed administrator Eduard Rebgun said on Tuesday, July 25, Interfax agency reported.

A Russian court will now have to rule on whether to declare it officially bankrupt and will decide on the sale of its assets to pay back creditors.

Meanwhile, Yukos earlier offered the plan of its own rehabilitation, which valued its total assets at about $30 billion. UBS Warburg analysts say that this figure is closer to reality that the figure offered by Rebgun. They offer a following valuation of Yukos?s assets: ?Our evaluation puts Yukos at about $29 billion, including 9.7 percent stake in Rosneft ($7.7 billion) and 20 percent stake in Gazpromneft (former Sibneft, $4.2 billion) plus production assets, which produce 430,000 barrels a day ($10.7 billion) and refining assets with production volumes of 690,000 barrels a day ($5.6 billion).?

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