Ruling on Yukos Case Location Expected

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A ruling on whether or not Yukos’ bankruptcy case will proceed in the U.S. is expected to be given this week.

The oil company filed for bankruptcy at a court in Houston, Texas in December.

A lawyer for the company says that courts in Russia were “unfriendly” towards it and a court in Europe offered no protection.

“This is the last place that this company has to have the opportunity to survive as an ongoing concern,” Yukos lawyer Zack Clement told US Bankruptcy Judge Letitia Clark.

According to an SMH article,

The bank maintains that the presence of two bank accounts and the residence of Yukos’ displaced finance chief isn’t enough to establish jurisdiction, and the case doesn’t belong in the United States.

“Not a single bankruptcy case can be found that has ever done this, not a single bankruptcy court has ever done this,” Hugh Ray, the bank’s lead lawyer, said of handling a foreign company’s Chapter 11 proceedings on US soil.

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Ruling on Yukos Case Location Expected
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