Yukos Lenders Increasingly Nervous

Yukos creditor banks are playing an anxious waiting game with the debt-strapped oil major following the news of a proposed asset disposal, said one creditor in a $1 billion syndicated loan.
Yukos' banks called a default in July after tax authorities hit the company with a $3.4 billion claim for back taxes, and the authorities have since added a further $5 billion to the bill, of which $3 billion has been paid.
The government said Tuesday it would sell part of Yukos' main production unit, Yuganskneftegaz, to settle the tax claim, a unit that could be valued at as little as $10.4 billion under the most pessimistic scenario, officials have said.
"If the sale left enough balance after settling tax claims to pay off the loan then we're not that concerned," the banker said.
"But we don't have control of the situation or know what's going on. It's very political," said the banker, who asked not to be identified.
The uncertainty of an untested bankruptcy law has so far deterred the banks calling in the loan, and instead they are facing the choice of either waiting to see what happens, or selling their exposure at a loss to distressed debt investors.
"I can't sell [and take a loss] at the moment because taking into account Yukos' cash flow and the value of its assets the loan is still worth par," the banker said, adding that one bank had already sold its position.
Yukos is still making interest payments on the loan from its oil exports via offshore accounts, which lender banks secured as collateral on the loan, he said.
If the situation deteriorated and repayment of the bank loan was at risk -- for example if Yukos looked set to become a rump of its former self -- banks would act to protect their position, he said.

(From : The Moscow Times)