Russian court extends Yukos' bankruptcy proceedings for 3 months

The Moscow Arbitration Court Tuesday ruled to extend the bankruptcy proceedings of Russian oil company Yukos for three months.

Thus, the court upheld a motion filed by Yukos' receiver Eduard Rebgun.
 As of July 20, the creditors' list of Yukos included 123 claims from 50 creditors totaling 709.143 billion rubles.
As of now, Yukos has paid out 400 billion rubles to creditors.

Most of Yukos' assets were sold in a series of auctions earlier this year.
Two other auctions of Yukos' remaining assets are to be held Wednesday and August 15.

The court declared Yukos bankrupt and introduced bankruptcy proceedings for a period of 1 year on August 1, 2006.

Yukos has been crippled by multibillion-dollar back tax claims filed by Russian tax authorities since early 2004.