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YPF: One of the creditors asks Judge Preska not to suspend the ruling against Argentina.

YPF: One of the creditors asks Judge Preska not to suspend the ruling against Argentina.

Last week, US Judge Loretta Preska ordered Argentina to surrender 51% of YPF's shares to comply with two condemnatory rulings . The first is the best-known: the claim by the Burford investment fund, which already has a ruling in favor of the same judge for US$16 billion . The second is in favor of Bainbridge Fund, another creditor it is also seeking to compensate with shares of the oil company.

Now, while the Argentine state decided to appeal this ruling and seek some kind of understanding, Bainbridge's people came out to put pressure on Preska's sentence to be upheld .

"The Bainbridge Fund tells Judge Preska that she should not grant a stay of the recent YPF ruling unless Argentina transfers its shares . A separate response from the creditors in the YPF case is expected shortly," Argentine analyst Sebastián Maril of Latam Advisors wrote on social media.

This is another investment fund that, following Burford's lawsuit against Argentina for the nationalization of YPF, filed a lawsuit in the U.S. seeking compensation for the defaulted bonds.

In 2016, Bainbridge Fund sued Argentina for defaulting on its debt at the end of 2001, a restructuring that most creditors agreed to.

The investment fund won a ruling in its favor in U.S. courts, which ordered Argentina to pay it $95 million plus interest.

In the Bainbridge case, Preska also ordered Argentina to transfer its YPF shares to a custodial account at the Bank of New York Mellon (BNYM) within 14 days.

Following the ruling, the Argentine government formally requested a stay of Preska's ruling . It argued that the ruling is "legally unenforceable" and its implementation would be legally and operationally unfeasible. Bainbridge is now asking the judge not to grant the stay. The judge's decision remains to be seen.

Clarin

Clarin

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