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Yahoo
18-07-2025
- Business
- Yahoo
US sides with Argentina in YPF dispute, investors suggest alternative collateral
By Jonathan Stempel NEW YORK (Reuters) -The U.S. government sided with Argentina's effort to put on temporary hold a court order that it turn over its 51% stake in oil and gas company YPF to partially satisfy a $16.1 billion judgment won by two investors. In a filing late Thursday night, the government told the 2nd U.S. Circuit Court of Appeals that the public interest supports resolving the dispute on the merits, "free from the rushed compulsion of an unstayed turnover order and any negative effects it may have on U.S. foreign relations with Argentina." The investors, Petersen Energia Inversora and Eton Park Capital Management, separately urged the Manhattan-based appeals court to reject a stay of U.S. District Judge Loretta Preska's June 30 turnover order while Argentina appeals. They said the appeal would likely fail, and Argentina's "strategy of delay and obstruction" against collecting the $16.1 billion judgment, which the country is also appealing, justified the turnover. The investors nonetheless said if the appeals court is not inclined simply to deny a stay, it should return the case to Preska to let Argentina propose alternative collateral or set conditions to avoid "irreversible outcomes" during its appeal. "Plaintiffs have no interest in having the shares become unrecoverable in the (unlikely) event Argentina prevails on appeal, and no interest in running an oil company, and so would accept reasonable conditions to ensure the share transfer can be easily unwound if necessary," the investors' lawyers said. Representatives for Argentina had no immediate comment outside business hours. Argentina has said it would suffer irreparable harm and its economy could be destabilized if it gave up its stake in YPF, the country's largest energy company. It has until July 22 to respond to the investors' filing. Petersen and Eton Park are represented by litigation funder Burford Capital, which has said it expected to receive 35% and 73% of their respective damages. The litigation arose from Argentina's 2012 decision to seize the YPF stake from Spain's Repsol without making a tender offer to minority shareholders. Preska awarded the $16.1 billion judgment in September 2023. The U.S. government expressed its position in a proposed friend-of-the-court brief, which mirrored a position it first took last November during the Biden administration. It said Petersen and Eton Park opposed its motion to file the brief. Sign in to access your portfolio
Reuters
18-07-2025
- Business
- Reuters
US sides with Argentina in YPF dispute, investors suggest alternative collateral
NEW YORK, July 18 (Reuters) - The U.S. government sided with Argentina's effort to put on temporary hold a court order that it turn over its 51% stake in oil and gas company YPF ( opens new tab to partially satisfy a $16.1 billion judgment won by two investors. In a filing late Thursday night, the government told the 2nd U.S. Circuit Court of Appeals that the public interest supports resolving the dispute on the merits, "free from the rushed compulsion of an unstayed turnover order and any negative effects it may have on U.S. foreign relations with Argentina." The investors, Petersen Energia Inversora and Eton Park Capital Management, separately urged the Manhattan-based appeals court to reject a stay of U.S. District Judge Loretta Preska's June 30 turnover order while Argentina appeals. They said the appeal would likely fail, and Argentina's "strategy of delay and obstruction" against collecting the $16.1 billion judgment, which the country is also appealing, justified the turnover. The investors nonetheless said if the appeals court is not inclined simply to deny a stay, it should return the case to Preska to let Argentina propose alternative collateral or set conditions to avoid "irreversible outcomes" during its appeal. "Plaintiffs have no interest in having the shares become unrecoverable in the (unlikely) event Argentina prevails on appeal, and no interest in running an oil company, and so would accept reasonable conditions to ensure the share transfer can be easily unwound if necessary," the investors' lawyers said. Representatives for Argentina had no immediate comment outside business hours. Argentina has said it would suffer irreparable harm and its economy could be destabilized if it gave up its stake in YPF, the country's largest energy company. It has until July 22 to respond to the investors' filing. Petersen and Eton Park are represented by litigation funder Burford Capital (BURF.L), opens new tab, which has said it expected to receive 35% and 73% of their respective damages. The litigation arose from Argentina's 2012 decision to seize the YPF stake from Spain's Repsol ( opens new tab without making a tender offer to minority shareholders. Preska awarded the $16.1 billion judgment in September 2023. The U.S. government expressed its position in a proposed friend-of-the-court brief, which mirrored a position it first took last November during the Biden administration. It said Petersen and Eton Park opposed its motion to file the brief.
Yahoo
18-07-2025
- Business
- Yahoo
US sides with Argentina in YPF dispute, investors suggest alternative collateral
By Jonathan Stempel NEW YORK (Reuters) -The U.S. government sided with Argentina's effort to put on temporary hold a court order that it turn over its 51% stake in oil and gas company YPF to partially satisfy a $16.1 billion judgment won by two investors. In a filing late Thursday night, the government told the 2nd U.S. Circuit Court of Appeals that the public interest supports resolving the dispute on the merits, "free from the rushed compulsion of an unstayed turnover order and any negative effects it may have on U.S. foreign relations with Argentina." The investors, Petersen Energia Inversora and Eton Park Capital Management, separately urged the Manhattan-based appeals court to reject a stay of U.S. District Judge Loretta Preska's June 30 turnover order while Argentina appeals. They said the appeal would likely fail, and Argentina's "strategy of delay and obstruction" against collecting the $16.1 billion judgment, which the country is also appealing, justified the turnover. The investors nonetheless said if the appeals court is not inclined simply to deny a stay, it should return the case to Preska to let Argentina propose alternative collateral or set conditions to avoid "irreversible outcomes" during its appeal. "Plaintiffs have no interest in having the shares become unrecoverable in the (unlikely) event Argentina prevails on appeal, and no interest in running an oil company, and so would accept reasonable conditions to ensure the share transfer can be easily unwound if necessary," the investors' lawyers said. Representatives for Argentina had no immediate comment outside business hours. Argentina has said it would suffer irreparable harm and its economy could be destabilized if it gave up its stake in YPF, the country's largest energy company. It has until July 22 to respond to the investors' filing. Petersen and Eton Park are represented by litigation funder Burford Capital, which has said it expected to receive 35% and 73% of their respective damages. The litigation arose from Argentina's 2012 decision to seize the YPF stake from Spain's Repsol without making a tender offer to minority shareholders. Preska awarded the $16.1 billion judgment in September 2023. The U.S. government expressed its position in a proposed friend-of-the-court brief, which mirrored a position it first took last November during the Biden administration. It said Petersen and Eton Park opposed its motion to file the brief. Error 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
Reuters
30-06-2025
- Business
- Reuters
Argentina asks UK court to pause enforcement in $16 bln oil company seizure case
LONDON, June 30 (Reuters) - Argentina on Monday urged London's High Court to pause enforcement of a $16 billion-plus United States court judgment over the expropriation of oil and gas company YPF ( opens new tab, pending an appeal by the Argentinian government in the U.S. The South American republic was ordered in 2023 to pay minority shareholders around $16 billion resulting from its seizure of a 51% stake in YPF held by Spain's Repsol ( opens new tab in 2012, without tendering for shares held by minority investors. Petersen Energia Inversora and Eton Park Capital Management, backed by litigation funder Burford Capital (BURF.L), opens new tab, won the ruling in a New York court and say they are now owed more than $17 billion, with interest accruing at roughly $2.5 million a day. Argentina has lodged an appeal and is fighting enforcement of the judgment, including at London's High Court where Petersen Energia Inversora and Eton Park Capital Management applied for recognition and enforcement of the U.S. ruling last year. The country's lawyer David Railton argued the English case should be put on hold until the U.S. courts have determined its appeal, saying the investors would suffer no prejudice because "there are no assets here against which the judgment can be enforced". But Petersen Energia Inversora and Eton Park Capital Management – which are also trying to enforce the judgment elsewhere – accused Argentina of trying to delay enforcement. Their lawyer Paul McGrath said in court filings that Argentina's application should be rejected, but argued that if the court decided to pause the case Argentina should be required to put up around $2.5 billion in security. The case is the latest in London involving Argentinian debt, with the country left facing a roughly 1.6-billion-euro ($1.87 billion) bill over GDP-linked securities in a separate case. Creditors last week applied for a U.S. court to recognise the English judgment in that case.
