Yukos loses Chapter 11 bid
{{date|February 25, 2005}}
The [[Russia]]n oil giant {{w|Yukos}} ''(Юкос)'' has lost its bid for {{w|Chapter 11}} protection by a {{w|Texas|Texan}} court. Yukos sought Chapter 11 protection, to prevent the forced sale of the subsidiary {{w|Yuganskneftegaz}} by the Russian authorities.

Judge Letitia Clark said that the oil company didn't have a strong enough presence in America to warrant Chapter 11. 

The sale was made to pay Yukos' [[US$]]27.5 billion tax bill, Yuganskneftegaz was originally sold for US$9.4 billion to a little known company {{w|Baikalfinansgroup}} ''(Байкалфинансгруп)'' which was later bought by the Russian state-owned oil company {{w|Rosneft}} ''(Роснефть)''. 

Yukos was started by the Russian billionaire {{w|Mikhail Khodorkovsky}}, who is in prison for fraud, embezzlement and tax evasion charges that he denies, saying his arrest is politically motivated by the Russian president [[Vladimir Putin]].

{{haveyoursay}}
== Sources ==

*{{source |url=http://news.bbc.co.uk/1/hi/business/4296425.stm |title=Yukos loses US bankruptcy battle |author= |pub=BBC News |date=February 25, 2005}}
*{{source |url=http://www.rferl.org/featuresarticle/2005/02/9b779be8-995f-4904-976c-f8b7d9fc0bdc.html |title=Yukos Loses U.S. Bankruptcy Bid |author= |pub= Radio Free Europe/Radio Liberty |date=February 25, 2005}}
*{{source |url=http://www.mosnews.com/news/2005/02/25/yukosbankruptcy.shtml |title=Yukos Bankruptcy Case Dismissed by U.S. Court |author= | pub=MosNews.com |date=February 25, 2005}}
*{{source |url=http://www.chron.com/cs/CDA/ssistory.mpl/metropolitan/3056559 |title=Yukos case is halted |author= |pub=Houston Chronicle |date=February 25, 2005}}

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[[Category:February 25, 2005]]
[[Category:Russia]]
[[Category:Europe]]
[[Category:Vladimir Putin]]
[[Category:Bankruptcy]]
The Russian oil giant Chapter 11 protection by a Texan court. Yukos sought Chapter 11 protection, to prevent the forced sale of the subsidiary  by the Russian authorities.

Judge Letitia Clark said that the oil company didn't have a strong enough presence in America to warrant Chapter 11. 

The sale was made to pay Yukos' US$27.5 billion tax bill, Yuganskneftegaz was originally sold for US$9.4 billion to a little known company Rosneft (Роснефть). 

Yukos was started by the Russian billionaire , who is in prison for fraud, embezzlement and tax evasion charges that he denies, saying his arrest is politically motivated by the Russian president Vladimir Putin.
February 25, 2005 Russia Europe Vladimir Putin Bankruptcy