Yukos shareholders to consider bankruptcy
Russian oil giant Yukos’ chief executive officer Stephen Theede said today that the company would call an emergency shareholders meeting to consider a possible bankruptcy.
Theede said the meeting would be held on December 20, the Interfax news agency reported.
The announcement came after tax authorities served the company with fresh back tax bills for nearly $10bn (€7.9bn/£5.4bn), bringing the company’s total tax debt to some $17.6bn (€13.85bn/£9.6 bn).
Yuganskneftegaz, Yukos’ core unit which produces one million barrels per day, is expected to be sold to cover Yukos’ tax arrears.
In the event the company declares bankruptcy, Yukos’ main shareholder, the Menatep Group – founded by ex-CEO Mikhail Khodorkovsky – would have a strong position among the company’s creditors.
Theede said that another shareholders’ meeting to be convened at an unspecified later date would consider the possibility of dismissal of the company’s current board of directors.
