OIL GIANT STOCK SLUMPS WITH $1.6 BLN LOAN DEFAULT

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MOSCOW, August 11 (RIA Novosti) - Yukos will certainly default a $1.6 billion pre-export loan, its agent bank notified the company, August 6, what with a controversy raging round the petroleum company, and its fatal impact on corporate assets and transactions. The information appeared today in a press release on the official Yukos web site.

The loan will be paid on the agent bank's own arrangements and demands, says the notification, which followed, within several days, a similar concerning a billion dollar loan.

The Menatep transnational finance group, present-day biggest Yukos stockholder and creditor, did not intend to announce a Yukos default on the $1.6 billion loan, Yuri Kotler, Menatep press secretary, vouched quite recently. "We shall not put up with the company going bankrupt, and we shall stick to our word," he said.

Yukos borrowed the sum last September, on a loan arranged by Societe Generale, and financially supported by Menatep.

The creditor warned Yukos about $1.6 bln default prospects, last May, though authorizing the debtor and its corporate affiliates to make unlimited exports on the loan. If it deems necessary, however, the creditor may rightfully claim bank accounts whose turnover guarantees the loan, the debtor company said in a previous press release.

The billion dollar loan has the same terms.

The Yukos stock plummeted 14% at the Moscow Interbank Currency Exchange as soon as the default was announced.

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