The court confirmed state-owned oil company Rosneft's right to claim $482 million in debts from the former oil giant during its ongoing bankruptcy case and also confirmed an earlier court ruling rejecting the transfer of the bankruptcy case to the arbitration court in the Khanty-Mansi Autonomous Area in West Siberia, where Yukos was registered.
Moscow Arbitration Court upheld March 28 a request by Yukos' foreign creditor banks that Rosneft should act as a claimant in the bankruptcy case. The consortium of creditor banks led by Paris-based Societe Generale SA said March 15 they had reassigned the Yukos debt to Rosneft.
The consortium originally sought Yukos' bankruptcy after the company defaulted on part of a $1-billion syndicated loan arranged for it three years ago, but sold its remaining $482-million debt on March 13 to Rosneft, which asked the Moscow Arbitration Court on March 28 to recognize Yukos as bankrupt and appoint an external management of the company.
Rosneft said it had received, along with the rights of claim, the rights of holding proceedings in the Yukos bankruptcy case.
Yukos lawyers disagreed with the ruling, saying the claims to payables had been re-assigned under English law.
Bankruptcy hearings are due to take place June 27.
