YUKOS Files Motion for New Trial; Asks Judge to Do What Is in Best Interest of the Estate
Houston (ots/PRNewswire)
- Requests Court to Stay Order of Dismissal Pending All Post-Trial Motions
YUKOS Oil Company today filed a motion with the U.S. Bankruptcy Court, Southern District, Houston Division asking Judge Leticia Clark to reconsider her analysis of Section 1112 (b) of the U.S. Bankruptcy Code and grant a new trial. That Code section is governed by a standard of what is best for the estate and there is substantial evidence that dismissal of the YUKOS bankruptcy case is not in the best interest of the estate. In addition, the Company filed an expedited motion for stay while it pursues its post-judgment remedies.
After thoroughly reviewing the opinion of the Judge granting Deutsche Bank's motion to dismiss, YUKOS believes that the Court erred in applying Section 1112 (b). There is no evidence that dismissal will be good for the estate. Rather, there is very substantial evidence that the dismissal of the Bankruptcy Case will be detrimental to the estate.
"YUKOS, our shareholders, creditors and our employees are clearly better off if we are able to continue with our bankruptcy case in the U.S. Court and we are allowed to pursue damages against those parties that conspired with the Russian Government to expropriate Yuganskneftegas in violation of the automatic stay," said Steve Theede, Chief Executive Officer of YUKOS Oil Company.
The Court expressed concern about the Russian Government likely ignoring the Company's proposed reorganization plan as well as the Court's orders concerning YUKOS' property in Russia. These are legitimate concerns and the only way of knowing for certain will be to put them to the test and see if the Russian Government is indeed interested in creating a democracy where the rule of law and an independent judiciary are supported or ignored.
Forward-looking statements. Some of the information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of YUKOS. We caution you that these statements are not guarantees of future performance and involve risks, uncertainties, and assumptions that we cannot predict with certainty. Accordingly, our actual outcomes and results may differ materially from what we have expressed or forecasted in the forward-looking statements. We do not intend to update these statements to make them conform with actual results.
United States
Mike Lake
+1-214-714-2004
mike_lake@dal.bm.com
Press Servic
Alexander Shadrin
+7-095-785-08-55
pr@yukos.ru
London
Claire Davidson
+44-7767-351-433
cdavidson@policypartnership.comContact:
in the United States, Mike Lake, +1-214-714-2004, or
mike_lake@dal.bm.com , for YUKOS Oil Company; or Press Service,
Alexander Shadrin of YUKOS Oil Company, +7-095-785-08-55, or
pr@yukos.ru ; or in London, Claire Davidson, +44-7767-351-433, or
cdavidson@policypartnership.com , for YUKOS Oil Company