YPF: Appeals court halts handover of company shares for a week

Argentina has secured a temporary reprieve in its legal battle over the 2012 expropriation of state energy firm YPF, the latest twist in a complicated case.

On Tuesday, a New York appeals court suspended for one week an order requiring the country to hand over a majority stake in the public company.

The court granted a “temporary administrative stay” on enforcement of the so-called “turnover order” issued on June 30, which would have forced Argentina to transfer 51 percent of YPF shares to the litigation fund Burford Capital and other claimants.

According to the ruling, the pause was granted to allow for an “orderly presentation and consideration” of arguments from both sides. Burford has until Thursday, July 17 to file its opposition to a longer suspension, while Argentina’s response is due by Tuesday, July 22.

A panel of three judges will then assess the submissions and decide whether to keep the order on hold for the duration of Argentina’s broader appeal.

If the court rejects Argentina’s request, the turnover order would come back into effect immediately.

For now, President Javier MIlei's government has bought itself a brief but significant delay in a case with major financial and political stakes.

– TIMES/NA/PERFIL