YUKOS to Hold EGM to Consider Bankruptcy

MOSCOW (Reuters) - Russian oil major YUKOS will hold an extraordinary shareholders meeting on Dec. 20 to decide on whether to file for bankruptcy or liquidate the company, Chief Executive Steven Theede said on Wednesday.
Theede told a news conference that directors had decided to call the EGM on Tuesday evening, and confirmed that the company had been hit with a new $6.7 billion back-tax bill for 2002.

Theede slammed the new tax bill as "beyond outrageous. It's laughable, it's so ridiculous."

"The situation we find ourselves in today is not sustainable. We cannot continue like this for much longer," he said.

Theede did not rule out that management might make its own bankruptcy filing before the Dec. 20 EGM. He said a second EGM would be called in January to elect a new board of directors.

(From Reuters, 3.11.2004)