Russian oil major Yukos will hold an extraordinary general meeting on December 20th to decide on whether to file for bankruptcy or liquidate the company, chief executive Mr Steven Theede said today.
Mr Theede told a news conference that directors had decided to call the EGM last night, and confirmed that the company had been hit with a new $6.7 billion back-tax bill for 2002.
Mr Theede lambasted the new tax bill as "beyond outrageous. It's laughable, it's so ridiculous.
"The situation we find ourselves in today is not sustainable. We cannot continue like this for much longer," he said.
Mr Theede did not rule out that management might make its own bankruptcy filing before the December 20th EGM.
He said a second EGM would be called in January to elect a new board of directors.