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. Last Updated: 07/27/2016

Yukos Firm Sues Parent Over Debt

APThe headquarters of now-bankrupt Yukos seen through a window in the rain.
Luxembourg-based Yukos Capital is suing its bankrupt parent company Yukos for $4.8 billion in debts, which could make it the third-largest creditor, a spokesman for Yukos' court-appointed receiver said Thursday.

Yukos Capital, headed by former Yukos CFO Bruce Misamore, looks unlikely to succeed at the trial that the Moscow City Arbitration Court will start Nov. 27, analysts said.

Yukos Capital could win the case only if it had an agreement with Gazprom to sell the debt once the court rules in its favor, said Steven Dashevsky, head of research at Aton brokerage.

Yukos Capital filed for debt recovery Oct. 11, a day before the Yukos bankruptcy administration closed the book of creditors, said Nikolai Lashkevich, a spokesman for receiver Eduard Rebgun. The amount of the debt is more than 128 billion rubles ($4.79 billion) in loans, he said.

As of Nov. 2, the Federal Tax Service and state-owned Rosneft were the two largest Yukos creditors, with court-approved debts standing at 312 billion rubles ($11.68 billion) and 259 billion rubles respectively, Lashkevich said in a statement.

Andrei Gromadin of MDM Bank and Roman Yelagin of Renaissance Capital doubted the lawsuit would succeed, given that prosecutors are investigating the heads of Yukos Capital and GML, formerly known as Group Menatep, on fraud charges.

Prosecutors said in August that Yukos Capital raised the money for the loans to Yukos from Yukos' subsidiaries, thereby committing a fraud.

If Yukos Capital wins the case, it means it will have a deal to sell the debt to a potential buyer of Yukos assets, probably Gazprom, Dashevsky said.

GML, which owns the majority of Yukos, has nothing to do with the lawsuit, director Tim Osborne said.

Claire Davidson, a spokeswoman for Yukos' London-based managers, said Yukos Capital extended the loans to finance the development of Yuganskneftegaz and several refineries.