Argentina's Legal Battle Over YPF Ownership Intensifies
A U.S. appeals court temporarily halted a ruling requiring Argentina to relinquish a 51% stake in YPF to satisfy a $16.1 billion judgment. The case links back to Argentina’s 2012 seizure of YPF shares without compensating minority stakeholders Petersen Energia and Eton Park.
A U.S. appeals court issued a temporary hold on a judge's order for Argentina to surrender its 51% stake in YPF, an oil and gas company, to fulfill a $16.1 billion judgment, escalating a high-stakes legal battle.
The 2nd U.S. Circuit Court of Appeals has allowed Petersen Energia Inversora and Eton Park Capital Management, who secured the judgment, until July 17 to counter Argentina's motion for an extended stay amidst their appeal. Argentina has a deadline of July 22 to respond, with the situation being assessed by the forthcoming three-judge panel, according to the appeals court.
The controversy originated from Argentina's 2012 acquisition of YPF shares from Spain's Repsol without making a tender offer to minority shareholders Petersen and Eton Park, now represented by Burford Capital. Argentina has warned of potential economic destabilization if stripped of its controlling YPF stake, the nation's leading energy firm. While a district court imposed a July 14 deadline for turnover, Judge Loretta Preska in Manhattan delayed enforcement, allowing Argentina time to appeal.
(With inputs from agencies.)
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