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21

Yukos Bankruptcy Process Postponed

The Moscow Arbitration Court has approved YUKOS bankruptcy manager Eduard Rebgun's petition to extend the oil company's bankruptcy process

The Moscow Arbitration Court has approved YUKOS bankruptcy manager Eduard Rebgun's petition to extend the company's bankruptcy process for three months.

The deadline for the bankruptcy, set a year ago, was August 4.

The extension was shortened by three months, as Rebgun asled for the 6 months, at the insistence of Rosneft, the main buyer of YUKOS assets and its second largest creditor.

That way, the bankruptcy will be completed before foreign courts begin hearing suits filed by YUKOS shareholders who did not receive money from the process.