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Yukos abandons bankruptcy case in United States
New York, March 22 - Yukos Oil Co. said it has abandoned its bankruptcy case in the U.S. Courts and will be dismissing its appeal.
The Russian oil company said the action follows a ruling by the Houston District Court denying its motion for a stay pending its appeal of the order dismissing its Chapter 11 bankruptcy case by the U.S. Bankruptcy Court for the Southern District of Texas.
"We will now focus our efforts elsewhere to survive as a going concern and obtain compensation for assets that have been improperly expropriated from us," said chief executive officer Steven Theede in a news release.
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