Deutsche wants Yukos bankruptcy thrown out
Wednesday, 22 December 2004An attorney for Deutsche Bank today told a US bankruptcy court judge the bank would seek to have the Chapter 11 bankruptcy claim of Russian oil giant Yukos thrown out because the court has no jurisdiction over a Russian company.
Hugh Ray, a lawyer for Deutsche Bank, told the Judge that the request to dismiss the bankruptcy case could be filed as early as Friday.
Over the weekend, the German bank backed out of supporting Russian natural gas monopoly Gazprom in bidding on Yukos' main production subsidiary.
The stricken Russian oil firm also may ask a US judge to find Gazprom in breach of a court order for participating in a weekend sale of Yukos's core asset, which could expose the state gas giant to asset seizures.
Yukos filed for bankruptcy protection in Houston last week to stop Sunday's sale, in which Yugansk was sold to the obscure Baikal Finance Group for $9.4 billion.
The Yukos affair has shaken Russia's reputation among foreign investors and the White House said it was disappointed Russia went ahead with the auction.
