Overview
- U.S. District Judge Loretta Preska gave Argentina two weeks to transfer its 51% stake in YPF to Bank of New York Mellon to satisfy a $16.1 billion judgment.
- The order enforces a court award for investors represented by Burford Capital who sued over the 2012 nationalization of YPF.
- President Javier Milei pledged to challenge the decision in court to defend what he called Argentina’s national interests.
- Shares of YPF closed down 5.6% on the New York Stock Exchange after the ruling underscored investor unease.
- Losing control of YPF could undermine Argentina’s plan to leverage record Vaca Muerta output to shore up its depleted foreign reserves.