MOSCOW, July 25 (RIA Novosti) - Yukos Oil Company [RTS: YUKO] took another step toward the brink Tuesday after a court-appointed external manager recommended that liquidation procedures be started.
Eduard Rebgun said the company's proceeds after the sale of assets and the payment of back-taxes would not even cover the crude producer's court-recognized debts.
"The company's financial restructuring is impossible and, therefore, we recommend the company to initiate liquidation procedures," Rebgun said.
Rebgun valuated the company's property and assets at 581.33 billion rubles (about $21.5 billion) but said the company's proceeds would total 417.15 billion rubles (about $15.4 billion) after the assets sale and tax payments
The company's liabilities recognized by court totaled 491.58 billion rubles (about $18.2 billion), Rebgun said.
