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Article: Once-giant Yukos heads for liquidation Creditors reject company recovery plan
- Article from:
- International Herald Tribune
- Article date:
- July 26, 2006
- Author:
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C.J. Chivers
International Herald Tribune
07-26-2006
Yukos's long fight for its existence neared its end Tuesday when creditors rejected its plans for recovery and recommended that the company, once Russia's largest and most successful oil concern, be declared bankrupt. The vote by creditors all but ensures that Yukos will be liquidated, the final elements of a saga that began nearly three years ago when the billionaire founder of the company, Mikhail Khodorkovsky, was arrested by masked law enforcement officers and hustled away.Khodorkovsky is now serving a term in a Siberian labor camp, having been convicted last year of tax evasion and other crimes in what he and his supporters call a ...