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Moscow City's Court of Arbitration passed a ruling Tuesday night introducing external supervision at Russia's former oil giant Yukos
Moscow City's Court of Arbitration passed a ruling Tuesday night introducing external supervision at Russia's former oil giant Yukos, Prime Tass economic news agency said. The arbiters also appointed an offside administrator, Eduard Rebgun, who is entitled to a monthly salary of 2 million rubles (around 71,000 U.S. dollars a month). The court scheduled a session for June 26where it will consider declaring Yukos bankrupt. The court rejected Yukos's petition for putting hearings of the case off and for transferring it to the Court of Arbitration of the Khanty-Mansi Autonomous Area. At the same time, it answered a claim by 14 creditor banks for procedural succession of the government-controlled oil company Rosneft. The initial bankruptcy claim was filed by a pool 14 creditor banks with Societe Generale at the head, but information came later that Societe Generale and Rosneft signed an agreement December 13, 2005, on a sale of Yukos's debt totaling 482 million U.S. dollars to Rosneft. Yukos drew two loans, one totaling a billion U.S. dollars and the other, 1.6 billion U.S. dollars in 2003. The first loan was extended by a pool of banks led by Societe Generale. The second was extended by Menatep financial group, Yukos's shareholders, and Societe Generale also acted there as lead manager. The claim the 14 banks filed said Yukos owed them 455.1 million U.S. dollars on the first loan and an interest amounting to 9.4 million U.S. dollars on the second. Yukos representatives called the banruptcy petition groundless and said the debt was fully collateralized in the process of court enforcement action. They also claimed Rosneft had bought up the debt to pursue the bankruptcy of a competitor.
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