Business Services Industry
Worried banks in crisis meeting with Russian oil giant.
Knight Ridder/Tribune Business News, July, 2004
By Bernard O'Riordan, Evening Standard, London Knight Ridder/Tribune Business News
Jul. 6--Russia's battered oil giant Yukos is lurching closer towards bankruptcy, with a consortium of 10 banks due to meet the company today after it defaulted on $1 billion (UKpound 550 million) in loans.
The creditor banks -- including Citibank, Societe Generale, Commerzbank, Credit Lyonnais, Deutsche Bank, HSBC, ING Bank, BNP Paribas, and UFJ Bank's Dutch unit -- have so far not demanded immediate payment of the $1 billion.
But they could do so at any time following the company's formal notification on Friday that it was in default.
The Russian government has ordered Yukos to pay $3.4 billion (UKpound 1.85 billion) in back taxes by Thursday...
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