Argentina Temporarily Halts YPF Stake Transfer Amid $16.1 Billion Judgment
A U.S. appeals court has temporarily paused a ruling requiring Argentina to transfer its stake in YPF to satisfy a $16.1 billion judgment. The stay allows Argentina to appeal the decision, providing temporary relief amidst ongoing legal challenges.
In a significant legal development, the 2nd U.S. Circuit Court of Appeals in Manhattan has granted Argentina's request to temporarily halt a court order demanding the transfer of its 51% stake in oil and gas giant YPF.
This comes in response to a $16.1 billion judgment secured by two investors against Argentina. The initial decision, made by U.S. District Judge Loretta Preska on June 30, would have required the country to relinquish its majority holding in YPF.
The stay is a critical maneuver in Argentina's ongoing legal strategy, providing the nation a reprieve as it seeks to appeal the substantial judgment against it.
(With inputs from agencies.)
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