17 June 2004 08:22
Yukos draws up anti-bankruptcy program
The plan can be put into practice if the government is ready to
start negotiations with Yukos before or after a hearing on the Tax
MOSCOW. June 17 (Interfax) - The management of the Yukos oil company has developed and sent the government a plan of
actions aimed at pulling the company out of its crisis, a high-ranking Yukos representative told Interfax.
"A total write-off of the company's accounts must be avoided since
it requires a minimum of $500 million to continue production. If no
Ministry's lawsuit.
time to make the company transparent. That is why our assets are not
burdened by any schemes that can prove potentially dangerous for
complete write-off takes place, the company's current management or that appointed by its creditors will be able
to start selling some of Yukos' assets after they are unfrozen. Selling some of the assets along with delivering on
the main shareholders' promise to guarantee payments on the company's debt will allow Yukos to overcome its
crisis with minimal possible loses for its minority shareholders and personnel," the representative said.
"Any write-off of the company's accounts will immediately damage its production process. This may also
prevent the company from producing 90 million tonnes of oil over the next four years, which will consequently cut its
profits by about $18 billion. In addition, the company will not be able to pay more than $8 billion in taxes," he
said.
"A sale of Yukos assets should take place under transparent rules and at a fair price. Moreover, these assets
are effectively ready to be sold - both the management and shareholders have been working for a long
investors," the representative said.
The Yukos management is ready to step down, should it prove necessary to end the crisis. "We are ready to hand
over our functions and leave if it helps avert bankruptcy," he said.
The Yukos management is aware that the company's main shareholder, the Menatep Group, wants to help Yukos tackle
its problems. "No specific suggestions have been put forward so far, but I think that Menatep will not require us
to repay the $1.6 billion we owe it ahead of time, which will be very helpful. It is premature to speak about further
ways of support since the volume of required guarantees is not clear yet," he said.
Commenting on the possibility of selling Yukos' stake in Sibneft, the representative said that he does not rule
out this option since, having lost the case related to an additional emission of shares to pay for the Sibneft stake in
a lower court, the company plans to file an appeal with a higher court.
"The company's treasury will be able to buy up to 10% [of the main shareholders'] shares to sell them
to an investor agreed upon with the government," the representative said. [RU EUROPE EEU EMRG OIL ECI] tm tj
[Interfax] |
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