Yukos loses Chapter 11 bid

February 25, 2005 

The Russian oil giant Yukos "(Юкос)" has lost its bid for Chapter 11 protection by a Texan court. Yukos sought Chapter 11 protection, to prevent the forced sale of the subsidiary 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$9.4 billion to a little known company Baikalfinansgroup "(Байкалфинансгруп)" which was later bought by the Russian state-owned oil company Rosneft "(Роснефть)".
Yukos loses Chapter 11 bid February 25 , 2005 The Russian oil giant Yukos " ( Юкос ) " has lost its bid for Chapter 11 protection by a Texan court . Yukos sought Chapter 11 protection , to prevent the forced sale of the subsidiary Yuganskneftegaz by the Russian authorities . Judge Letitia Clark said that the oil company did n't have a strong enough presence in America to warrant Chapter 11 . The sale was made to pay Yukos ' US$ 27.5 billion tax bill , Yuganskneftegaz was originally sold for US$ 9.4 billion to a little known company Baikalfinansgroup " ( Байкалфинансгруп ) " which was later bought by the Russian state - owned oil company Rosneft " ( Роснефть ) " .
Yukos
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Chapter 11
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bid
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The Russian oil giant Yukos
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Юкос
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its bid
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Chapter 11 protection
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a Texan court
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Yukos
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Chapter 11 protection
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the forced sale
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the subsidiary
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Yuganskneftegaz
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the Russian authorities
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Judge Letitia Clark
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the oil company
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a strong enough presence
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America
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The sale
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Yukos' US$27.5 billion tax bill
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Yuganskneftegaz
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a little known company
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Baikalfinansgroup
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Байкалфинансгруп
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the Russian state-owned oil company
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Rosneft
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