Thursday, July 27, 2006

The Russian state wants no competition, forces Yukos bankruptcy

The creditors of Russian oil company Yukos, led
by federal tax authorities and state-controlled
Rosneft Oil Company, rejected recovery plan
proposed by the company’s management and voted to
declare Yukos bankrupt. On Tuesday, July 25, 93.9
percent of the company’s creditors voted in favor
of bankruptcy, while 5.63 percent voted against.

Full article.