CITY AM – Secret battle for Russian oil firm
Morgan Stanley locked in secret London court battle to seize Russian oil firm
CITY AM SAYS Morgan Stanley is locked in a secret London court battle as part of an attempt to seize an oil firm in southern Russia on behalf of a group of lenders, City A.M. has learned.
The Wall Street Bank is looking to take a majority stake in Cypriot-registered Russian drilling firm, Southern Oil Company (UNK), after UNK’s parent firm, Astrakhan Oil Corporation (AOC), which is also registered in Cyprus, fell behind on payments for a $73m loan.
Morgan Stanley negotiated two credit lines for the Astrakhan Oil Corporation in 2012, with a majority chunk of shares in UNK pledged as a security. However, AOC fell behind on its payments in 2014 when the rouble crashed following Russia’s invasion of Crimea.
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