Ar­gentina sued in New York over seizure of oil firm YPF

The China Post - - INTERNATIONAL -

Ar­gentina has been sued in a U.S. dis­trict court in New York in con­nec­tion with its ex­pro­pri­a­tion of oil gi­ant YPF in 2012, ac­cord­ing to court doc­u­ments.

The plain­tiffs are two Span­ish firms, and they are rep­re­sented by a U.S. law firm Bur­ford Cap­i­tal.

The oil firm was owned by the Span­ish gi­ant Rep­sol un­til Ar­gentina ex­pro­pri­ated 51 per­cent of the shares in 2012.

This par­tic­u­lar case goes back to 2008, when the Ar­gen­tine group Eske­nazi cre­ated two com­pa­nies in Spain — Petersen En­er­gia and Petersen En­er­gia In- ver­sora — to buy a large pack­age of shares in YPF, which then was still owned by Rep­sol.

When the ex­pro­pri­a­tion took place, those two com­pa­nies were no longer able to pay off debts, and cred­i­tors ended up with their shares in YPF.

The two Span­ish firms are now in the process of liq­ui­da­tion.

They filed for bank­ruptcy pro­tec­tion in 2012, and a unit of Bur­ford, Prospect In­vest­ments, won the rights to ini­ti­ate legal pro­ceed­ings.

In the 30-page suit filed Tues­day the Span­ish firms are seek­ing un­spec­i­fied dam­ages from Ar­gentina and YPF.

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