Argentina has filed notice that it is appealing a U.S. court ruling that ordered the country to give up the 51% stake it holds in state energy company YPF, according to a court filing from Thursday. The notice, filed in the U.S. District Court in the southern district of New York, appeals a decision by Judge Loretta Preska requiring Argentina to hand over the shares to partially satisfy a $16.1 billion court judgment over the 2012 state takeover of YPF.
The case centers on Argentina’s seizure of a 51% stake in YPF from Spain’s Repsol without making a tender offer to minority shareholders Petersen Energia Inversora and Eton Park Capital Management.
Preska in September 2023 ordered Argentina to pay $14.39 billion to Petersen and $1.71 billion to Eton Park. Argentina has been appealing the ruling.
The Argentine government did not immediately respond to a request for comment from Reuters.
Preska’s decision is a setback for President Javier Milei, whose administration is seeking to bolster foreign currency reserves and rein in soaring inflation while navigating a heavy debt burden.
(Reporting by Eliana Raszewski, Writing by Natalia Siniawski; Editing by Aida Pelaez-Fernandez)