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MOSCOW, June 6 (RIA Novosti) - The June 7 auction to sell media and transport assets of bankrupt Russian oil company Yukos [RTS: YUKO] has been invalidated due to a lack of bids, the federal property fund said Wednesday.
"Not a single application was filed during the application acceptance period from May 7 through June 5," the federal property fund said.
Yukos, once Russia's largest oil company, was declared bankrupt August 1, 2006, after three years of litigation with tax authorities over the company's tax arrears.
The initial price of the lot was 8.95 billion rubles ($346 million) with a bid increment of 89.49 million rubles (about $3.5 million), the federal property fund earlier said.
