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14m ago

Argentina Gains New Foreign Backing as Second Circuit Sets Oct. 29 Hearing in YPF Turnover Fight

The appeals court has kept the transfer of the state’s 51% YPF stake on hold pending arguments that test how far U.S. courts can enforce judgments against sovereign assets.

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Overview

  • The U.S. Second Circuit will hear oral arguments on October 29 on whether to uphold Judge Loretta Preska’s order requiring Argentina to deliver its majority stake in YPF.
  • The appellate court’s administrative stay remains in place, pausing any transfer of the 51% shareholding while the case advances.
  • Ecuador, Chile, Uruguay, Italy, Ukraine and Romania have moved to support Argentina through amicus briefs, following a July filing by the U.S. Department of Justice backing a stay.
  • Plaintiffs Petersen/Eton must submit their brief by November 14, with Argentina’s reply due December 12 under the current schedule.
  • Burford Capital has said it would not immediately execute on the shares if Argentina deposits them in the United States, even as it presses its enforcement strategy.