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Rosneft gets first $9 bln repayment of Yukos debt

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MOSCOW, June 27 (RIA Novosti) - Rosneft [RTS: ROSN] received its first 237-billion-ruble tranche ($9 billion) of debt repaid by bankrupt oil company Yukos [RTS: YUKO], the state crude producer said in a news release Wednesday.

Rosneft said earlier this month it expected to receive about 263.7 billion rubles ($10 billion) from Yukos in June, and would use the money to pay off loans obtained to buy the bankrupt company's assets at a liquidation auction.

Nearly all of Yukos's assets have been sold off in 16 auctions. Rosneft has bought most of the key production and processing units.

Rosneft said it would cut its debt to a level equaling EBITDA, and ensure that the sum of its borrowed funds totals less than 30% of the value of the company's own funds.

The total debt of Yukos, declared bankrupt last August, is 709.5 billion rubles ($27.5 billion).

Yukos's bankruptcy receiver, Eduard Rebgun, has sent 400 billion rubles ($15.5 billion) in repayment of debts of Russia's former leading crude producer to third-tier creditors - Rosneft and the tax authorities.

Rebgun has also transferred 151 billion rubles ($6 billion) to the federal budget as repayment to the Federal Tax Service, the manager's spokesman Nikolai Lashkevich said.

The Finance Ministry said it expected Yukos to pay a total of 450 billion rubles ($17.5 billion) to the budget.

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