NEW YORK (Reuters) -A U.S. judge on Monday ordered Argentina to give up its 51% stake in oil and gas company YPF, to partially satisfy a $16.1 billion court judgment against the cash-strapped country.
U.S. District Judge Loretta Preska in Manhattan said Argentina must transfer its YPF shares within 14 days to a BNY Mellon custody account, and instruct that bank to transfer the shares within one business day to the plaintiffs.
Argentina has been appealing Preska’s September 2023 decision to award the $16.1 billion to Petersen Energia Inversora and Eton Park Capital Management, which are represented by litigation funder Burford Capital.
Preska ruled on the same day that Argentina asked London’s High Court to block enforcement of the judgment.
The case arose from Argentina’s 2012 seizure of the 51% YPF stake held by Spain’s Repsol, without tendering for shares held by minority investors.
Burford has said it expected to receive 35% and 73% of Petersen’s and Eton Park’s respective damages.
(Reporting by Jonathan Stempel in New YorkEditing by Mark Potter)
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