On August, 1 the arbitration court in Moscow has announced oil firm Yukos, that was once Russia's largest oil producer, bankrupt, and authorized one-year bankruptcy administration. The court ruling backs a vote by Yukos’ shareholders, who had last week rejected the company’s assurances that it could recover and pay back its dues. Judge Pavel Markov pronounced the oil producer bankrupt and ruled that the liquidation of the company’s remaining assets, including production capacity of 600,000 barrels per day, should be initiated.
      
      Yukos interim manager Eduard Rebgun thinks that it will take long to sell company assets. “Yukos is a huge empire. It goes beyond traditions, and it is impossible to say when the property may be sold,” he said. Rebgun said he would analyze documents concerning company assets, make an inventory and decide which assets would be put on the auction first.
      
      A Yukos lawyer said they would challenge the judgment.
      
      Source:
      ITAR-TASS