Yukos drops US bankruptcy appeals

Yukos drops US bankruptcy appeals

[JURIST] Embattled Russian oil company Yukos [official website; JURIST Hot Topic archive] reported Tuesday that it will drop its appeals for bankruptcy protection in US courts, and instead pursue other options in an attempt to keep the company from breaking up. A US district judge had refused [JURIST report] last week to maintain a stay that protected the company's assets while it appealed its bankruptcy case. The company said that it would pursue its case elsewhere, since it did not appear that it would succeed in the US. The company faces an overwhelming $27.5 billion in back taxes sought by the Russian government. Yukos has maintained the tax claims are politically motivated, and has filed a claim in the European Court of Human Rights against Russia. Reuters has more.