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Abonner YUKOS Oil Company

YUKOS Oil Company

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.com

Contact:

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