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2 Aug, 2006 05:12

Yukos declared bankrupt

Yukos declared bankrupt

Lawyers for Russian oil company YUKOS said they would appeal against Moscow arbitration court’s ruling that the firm was bankrupt.

YUKOS creditors – principally the tax authorities and state-controlled oil firm Rosneft – claimed the company owed around $18 billion. A court-appointed external supervisor said Yukos had no chance of recovery.