Latest news with #YPF
Yahoo
5 days ago
- 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
5 days ago
- 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
5 days ago
- 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
15-07-2025
- Business
- Reuters
US appeals court puts Argentina's 51% YPF stake turnover on temporary hold
NEW YORK, July 15 (Reuters) - A U.S. appeals court on Tuesday put on temporary hold a judge's order that Argentina turn over its 51% stake in oil and gas company YPF ( opens new tab to partially satisfy a $16.1 billion judgment. The 2nd U.S. Circuit Court of Appeals in Manhattan gave Petersen Energia Inversora and Eton Park Capital Management, which won the judgment, until July 17 to oppose Argentina's bid for a longer stay while the country appeals the turnover. Argentina has until July 22 to reply, and the matter will be reviewed by "the next available" three-judge panel, the appeals court said. The dispute stemmed from Argentina's 2012 seizure of the YPF stake from Spain's Repsol ( opens new tab without making a tender offer to Petersen and Eton Park, which had been minority shareholders. Those shareholders are represented by litigation funder Burford Capital (BURF.L), opens new tab, which has said it expected to receive 35% and 73% of Petersen's and Eton Park's respective damages. Argentina has warned its economy could be destabilized if it gave up its controlling stake in YPF, the country's largest energy company. The country had faced a July 14 deadline for the turnover, but U.S. District Judge Loretta Preska in Manhattan agreed to delay enforcement so Argentina could seek relief from the appeals court.
Reuters
14-07-2025
- Business
- Reuters
US court delays turnover of Argentina's 51% YPF stake
NEW YORK, July 14 (Reuters) - A U.S. judge on Monday temporarily halted enforcement of an order requiring Argentina to turn over its 51% stake in oil and gas company YPF ( opens new tab to partially satisfy a $16.1 billion court judgment. The decision by U.S. District Judge Loretta Preska in Manhattan affords temporary relief to for the cash-strapped South American country, which has warned its economy could be destabilized if it were forced to give up the YPF stake. A turnover had been scheduled for Monday, but Preska extended the deadline to July 17 to allow time to appeal. Argentine President Javier Milei has been seeking to bolster foreign currency reserves and rein in soaring inflation while dealing with a heavy government debt burden. The dispute 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 Petersen Energia Inversora and Eton Park Capital Management. Those shareholders are represented by litigation funder Burford Capital (BURF.L), opens new tab, which has said it expected to receive 35% and 73% of Petersen's and Eton Park's respective damages. In September 2023, Preska ordered Argentina to pay $14.39 billion to Petersen and $1.71 billion to Eton Park. Argentina has not paid the judgment while it appeals. On June 30, Preska ordered the government to turn over the YPF stake within 14 days. The country has argued that the YPF shares were immune from turnover under the U.S. Foreign Sovereign Immunities Act, while Burford said a commercial activity exception and years of evasion by Argentina justified a turnover. In a court filing on Thursday seeking to delay the turnover, Argentina told the appeals court "the stakes could not be higher." It warned that requiring a turnover would irreparably harm its sovereignty, interfere with foreign relations, violate international law and wrongly expand U.S. courts' power. Argentina likened a turnover to a foreign court ordering the U.S. government to ship gold reserves stored at Fort Knox outside the country because that court misinterpreted U.S. law. The country also said it would be unfair to give up its controlling stake in the country's largest energy company now, because doing so would likely be irrevocable even it ultimately won the case. (This story has been corrected to remove reference to 'appeals' court in the headline)
