By OGJ editors
HOUSTON, Dec. 17 -- A US bankruptcy judge in Houston granted OAO Yukos's request for a temporary injunction against the Dec. 19 auction of 77% of Yukos's largest unit, Yuganskneftegas (OGJ Online, Dec. 15, 2004). The Russian government said it would proceed with the sale.
Yukos filed for reorganization Dec. 15 in the Houston branch of the Southern District of Texas, claiming that US bankruptcy law has worldwide jurisdiction over property of the debtor.
US Bankruptcy Judge Letita Clark gave Yukos 10 days to seek a permanent injunction. In granting the temporary injunction, Clark accepted jurisdiction of the Russian company's bankruptcy case.
Yukos Chief Financial Officer Bruce K. Misamore testified during a hearing earlier that he has worked from a home office in Houston for about 2 weeks. He said he frequently travels to Houston on business and had received "an informed message" that advised him against returning to Russia.
Yuganskneftegas produces about 1 million b/d of oil, according to Yukos, 60% of the company's total.
A Yukos spokesman in Houston for the proceedings told OGJ that Clark's ruling applies not to the Russian government but rather to a consortium of banks arranging a multibillion-dollar financing. State-owned Gazprom is expected to bid for Yuganskneftegas.
The required minimum bid is $8.6 billion. A Gazpromneft spokesman said that Gazprom had no intention of pulling out of the auction, although he declined to discuss whether the banks would provide the financing, Russian ITAR-TASS news agency reported.
Yukos issued a statement saying that it was "realistic about the ruling's immediate effect. While Russian authorities have stated their intention to proceed with the auction, we hope the ruling will lead international banks and other parties to reconsider their participation. This is the first step in a process that could provide further protection for Yukos's assets."
The company's problems began with the Oct. 25, 2003, arrest of Mikhail Khodorkovsky, its former chief executive, on charges of fraud and tax evasion. Khodorkovsky, a critic of Russian President Vladimir Putin, remains in jail.
Shareholders meeting cancelled
Yukos said it has cancelled plans for an emergency shareholders meeting that was slated for Dec. 20. At that meeting, shareholders were expected to vote on liquidating Yukos's assets.
Meanwhile, a Moscow Arbitration Court is considering various lawsuits and countersuits involving Yukos and Khodorkovsky.