Argentina seeks to halt $16bn YPF judgement enforcement in UK court
According to a report in Reuters, the legal move is part of Argentina's broader strategy to appeal the decision in the US, where a New York court in 2023 had ruled in favour of Petersen Energia Inversora and Eton Park Capital Management.
Supported by litigation funder Burford Capital, these entities have claimed they are owed an amount exceeding $17bn, including interest accruing at an estimated rate of $2.5m per day.
The origins of this legal dispute trace back to 2012 when Argentina took control of a 51% stake in YPF from Spanish company Repsol. This action was undertaken without extending an offer to purchase shares held by minority investors, prompting the current legal claims.
Argentina has contested the ruling from the US court and is also challenging its enforcement in the UK.
During proceedings at London's High Court, Argentina's legal representative David Railton advocated for pausing the case until the appeal process concludes in the US. He argued that investors would face no disadvantage since "there are no assets here against which the judgement can be enforced".
In contrast, Petersen Energia Inversora and Eton Park Capital Management have alleged that Argentina is attempting to postpone enforcement. Their legal counsel, Paul McGrath, argued that if the court considers a pause, then Argentina should be required to provide security estimated at $2.5bn.
Originally established as a state-owned enterprise in 1922, YPF underwent privatisation in 1993 via a public offering on the New York Stock Exchange (NYSE). As part of this transition, bylaws were updated to stipulate that should government control exceed 49%, minority shareholders must be offered buyouts at an established price.
This process included specific notification requirements through New York's financial channels and filings with relevant authorities. The Argentinean Government under then-President Cristina Fernández de Kirchner did not adhere to these requirements during the 2012 nationalisation.
At that time, Petersen Energía Inversora and Eton Park Capital Management collectively owned more than 25% of YPF's shares.
Petersen's inability to manage its debts due to halted dividend revenue from YPF led to its bankruptcy and subsequent 2015 lawsuit against Argentina for breach of contract; Eton Park filed a similar lawsuit in 2016.
"Argentina seeks to halt $16bn YPF judgement enforcement in UK court" was originally created and published by Offshore Technology, a GlobalData owned brand.
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Waldencast Announces Strong Progress on Business Priorities for H1 2025 and Initiatives to Drive Transformation
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'In Q2, we resumed revenue growth, as we cycled the anniversary of last year's exceptionally strong launches that weighed on Q1 comparisons. Milk Makeup sell-out performance in the U.S. accelerated to the high-20s, through the roll-out at Ulta Beauty and the launch in Amazon Premium Beauty, while continuing to deliver blockbuster innovations like Hydro Grip Gel Skin Tint and Balmade Electrolyte Lip Balm. This strong performance domestically was dampened by challenges in international markets where consumption was soft and we saw continued destocking by key retailers. Obagi Medical's revenue growth in core strategic channels accelerated to mid-teens with continued performance in the U.S. strategic distribution channels, and even faster growth in international markets. A key highlight of our strategy is that Obagi Medical has achieved the leading position in unaided brand awareness within its competitive set.1 While these achievements demonstrate the strength of our brands and the power of our growth strategy, we continue to navigate a dynamic global environment that limited our overall growth. Challenges included ongoing, though improving, out-of-stocks across both brands, as well as our deliberate decision to exit select Obagi Medical distribution points that did not align with our brand ethos.' Mr. Brousset stated further: 'We are excited to start the third quarter with improved in-stock levels on both brands. On Milk Makeup, our best-selling Hydro Grip Gel Skin Tint is now back in stock and we continue to make notable progress through the expansion at Ulta Beauty and Amazon Premium Beauty. Tempering our excitement, at the beginning of the quarter, international markets remain challenging highlighting the need for in-market incremental investment to restore growth. At Obagi Medical, we are focused on fueling our momentum in strategic channels, while continuing to refine our distribution strategy by exiting non-equity building distribution points and investing in supply chain improvements to support future expansion. Most importantly, we are thrilled to reach a significant milestone with the completion of the acquisition of Novaestiq Corp. This marks our first step into the aesthetics space, as Novaestiq establishes our entry into the U.S. dermal filler market. 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Such statements include, but are not limited to, statements about: Waldencast's performance relating to H1 2025 and outlook and guidance for 2025; the outcome of the strategic review initiated by the Board of Directors, our ability to deliver financial results in line with expectations; expectations regarding sales, earnings or other future financial performance and liquidity or other performance measures, including those relating to Novaestiq; our long-term strategy and future operations or operating results; expectations with respect to our industry, addressable markets and the markets in which it operates; future product introductions; developments relating to the ongoing investigation and legal proceedings; and any assumptions underlying any of the foregoing. Words such as 'anticipate,' 'believe,' 'continue,' 'could,' 'estimate,' 'expect,' 'intend,' 'may,' 'plan,' 'predict,' 'project,' 'should,' and 'will' and variations of such words and similar expressions are intended to identify such forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside of our control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements, including, among others: (i) the impact of the material weaknesses in our internal control over financial reporting, including associated investigations, our efforts to remediate such material weakness and the timing of remediation and resolution of associated investigations; (ii) our ability to recognize the anticipated benefits from any acquired business, including the Business Combination and the acquisition of Novaestiq; (iii) our ability to successfully implement our management's plans and strategies; (iv) the outcome of the strategic review initiated by the Company's Board of Directors which may not result in any transaction or if pursued, may not be completed on attractive terms; (v) the overall economic and market conditions, sales forecasts and other information about our possible or assumed future results of operations or our performance; (vi) the general impact of geopolitical events, including the impact of current wars, conflicts or other hostilities; (vii) the ongoing review of our H1 2025 Financials, (viii) the potential for delisting, legal proceedings or existing or new government investigation or enforcement actions, including those relating to the restatement or the subject of the Audit Committee of our Board of Directors' review further described in our annual report filed on Form 20-F for the year ended December 31, 2024, filed with the SEC on March 20, 2025 (the 'Annual Report') or any delay in publishing our financial statements by the prescribed regulatory deadlines; (ix) our ability to manage expenses, our liquidity and our investments in working capital; (x) any failure to obtain governmental and regulatory approvals related to our business and products, products, including our ability to obtain FDA approval with respect to one or both of the Saypha products; (xi) the impact of any international trade or foreign exchange restrictions, increased tariffs, foreign currency exchange fluctuations; (xii) our ability to raise additional capital or complete desired acquisitions; (xiii) our ability to comply with financial covenants imposed by our credit agreement and the impact of debt service obligations and restricted debt covenants; (xiv) volatility of Waldencast's securities due to a variety of factors, including Waldencast's inability to implement its business plans or meet or exceed its financial projections and changes; (xv) the ability to implement business plans, forecasts, and other expectations, and identify and realize additional opportunities; (xvi) the ability of Waldencast to implement its strategic initiatives and continue to innovate Obagi Medical's and Milk Makeup's existing products and anticipate and respond to market trends and changes in consumer preferences; (xvii) any shifts in the preferences of consumers as to where and how they shop; (xviii) the impact of any unfavorable publicity on our business or products; (xix) changes in future exchange or interest rates or credit ratings; (xx) changes in, and uncertainty with respect to, laws, regulations, and policies, including as a result of the change in the U.S. administration; and (xix) social, political and economic conditions. These and other risks, assumptions and uncertainties are more fully described in the Risk Factors section of the Annual Report, and in our other documents that we file or furnish with the SEC, which you are encouraged to read. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Accordingly, you are cautioned not to rely on these forward-looking statements, which speak only as of the date they are made. Waldencast expressly disclaims any current intention, and assumes no duty, to update publicly any forward-looking statement after the distribution of this release, whether as a result of new information, future events, changes in assumptions or otherwise. Contacts: InvestorsICRAllison Malkinwaldencastir@ MediaICRBrittney Fraser/Alecia Pulmanwaldencast@ in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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Liverpool's potential transfers this week include Alexander Isak and Marc Guehi
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