Yukos auction date announced
Download Yuganskneftegaz will be sold at auction on December the nineteenth. That's one month after this official announcement and just one day before Yukos shareholders planned to meet to discuss the possibility of filing for bankruptcy. The unit is the backbone of Yukos. It pumps over sixty percent of its total oil output. But this sale was ordered by the courts, who claim the oil giant owes over eighteen billion dollars in tax debts. The government commissioned a Western bank to value Yugansk -- but the starting price set for this auction is well below the lowest figure they came up with. At eight-point-six billion dollars, it's also less than half the value Yukos itself places on the unit. The auction announcement says there will be no restrictions on bids by foreign investors. But this is a politically-charged case and the low starting price named has given further fuel to speculation here that the jewel in the Yukos crown will be a bargain buy for a firm closely tied to the Kremlin. auctionpublic meeting where art, land or buildings are sold to the person who offers the most money filingofficially record something such as a complaint, law case or official document bankruptcythe state of being unable to pay your debts backbonethe most important part of an organization pumpsto make liquid or gas move in a particular direction with a pump politically-chargedpolitically sensitive fuelto make a situation worse speculationthe act of guessing without knowing all the facts bargainsomething bought cheaply or for less than its usual price
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Yuganskneftegaz will be sold at auction on December the nineteenth. That's one month after this official announcement and just one day before Yukos shareholders planned to meet to discuss the possibility of filing for bankruptcy. The unit is the backbone of Yukos. It pumps over sixty percent of its total oil output. But this sale was ordered by the courts, who claim the oil giant owes over eighteen billion dollars in tax debts. The government commissioned a Western bank to value Yugansk -- but the starting price set for this auction is well below the lowest figure they came up with. At eight-point-six billion dollars, it's also less than half the value Yukos itself places on the unit. The auction announcement says there will be no restrictions on bids by foreign investors. But this is a politically-charged case and the low starting price named has given further fuel to speculation here that the jewel in the Yukos crown will be a bargain buy for a firm closely tied to the Kremlin.
auctionpublic meeting where art, land or buildings are sold to the person who offers the most money
filingofficially record something such as a complaint, law case or official document
bankruptcythe state of being unable to pay your debts
backbonethe most important part of an organization
pumpsto make liquid or gas move in a particular direction with a pump
politically-chargedpolitically sensitive
fuelto make a situation worse
speculationthe act of guessing without knowing all the facts
bargainsomething bought cheaply or for less than its usual price
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