Yukos asset valuation unlikely to cover debts - report |
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Fri, 19 Jan 2007 12:13
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MOSCOW (AFX) - The valuation of Yukos' assets is due to be published today to pave the way for its liquidation, but they are unlikely to cover its debts, said business daily Vedomosti.Vedomosti cited a source close to the matter as saying: 'Yukos' total assets will barely exceed 20 bln usd, which will not cover the 26.6 bln usd debt the company owes its creditors.'In October 2006, Yukos' liquidation administrator Edward Rebgun said: 'We reckon Yukos has 48 creditors and debt estimated at 586.597 bln roubles (21.8 bln usd).'Since then, the debt has increased as the tax office has made more claims against Yukos.Yukos was declared bankrupt on Aug 1, 2006. Its founder Mikhail Khodorkovsky was sentenced to nine years in gaol in May 2005 for fraud and tax evasion.Khodorkovsky's entire assets are to be sold.Khodorkovsky's supporters said he was targeted because he financed parties opposed to President Vladimir Putin, as a lesson to other Russian business magnates to keep out of politics.The Russian government already forcibly sold Yukos' main asset, Yuganskneftegaz, in Dec 2004, to cover its tax debts. The buyer was a vehicle called Baikalfinansgroup, which sold Yuganskneftegaz shortly afterwards to state-run oil producer Rosneft.Agence France-Presse said analysts estimate the value of Yukos' assets at 30 bln usd, as it is still extracting nearly 0.5 mln barrels of crude oil per day.Apart from Rosneft, analysts believe the state-owned gas giant Gazprom is the most likely candidate to buy up Yukos' remaining assets.newsdesk@afxnews.comafp/jsa/cmrCOPYRIGHTCopyright AFX News Limited 2006. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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