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Bankrupt oil firm Yukos to repay debt to third-tier creditors

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MOSCOW, June 27 (RIA Novosti) - Bankrupt Russian oil company Yukos has started repaying its principal debt worth $400 billion rubles (about $15.5 billion) to third-tier creditors, the company's bankruptcy administrator said Wednesday.

Debts to third parties include debts to the budget and other creditors.

"The money will be paid out to all creditors entered into the register, proportionate to the size of their claims," Eduard Rebgun said.

The register includes 137 claims from 63 creditors worth 709.512 billion rubles (about $27 billion), including second-tier creditors' claims worth 1.94 million rubles ($75,000), which Yukos has repaid in full, and third-tier creditors' claims worth 709.511 billion (about $27 billion).

It was earlier reported that in April 2007, Yukos repaid in full its debts to second-tier creditors, who included the company's employees and also individuals and entities on labor contracts with Yukos.

The company's largest creditors include state-controlled crude producer Rosneft and the Federal Tax Service, which are referred to third-tier creditors.

Yukos, once Russia's largest oil company, was declared bankrupt August 1, 2006, after three years of litigation with tax authorities over tax arrears. Its founder, Mikhail Khodorkovsky, is serving an eight-year prison sentence in Siberia for fraud and tax evasion.

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