Overview

• U.S. Judge Loretta Preska ordered Argentina in late June to transfer a 51% stake in YPF to satisfy a $16.1 billion expropriation award and a separate $95 million debt judgment.
• Argentina’s Treasury Procuration argued in new filings that enforcing the turnover would violate domestic laws, inflict irreparable harm and breach national sovereignty.
• Creditors Bainbridge, Burford Capital, Eton Park and other holdout funds filed motions urging the court to deny Argentina’s stay request and invoked “me too” clauses to expand remedies.
• Burford Capital and Eton Park indicated they would consider negotiated haircuts or bond-based payments in place of an immediate share transfer.
• The case is pending before the U.S. Second Circuit as parties await the formation of a three-judge panel and scheduling of oral arguments.