YPF in dispute: the government seeks to prevent the transfer of shares and will submit a written statement this week.
Argentina will present "relevant arguments" to maintain the suspension of surrender, as stipulated by Judge Preska in her ruling.
This Sunday, it was confirmed that the government will once again present arguments before the United States court to maintain the suspension of the delivery of YPF shares. The objective is to prevent the ruling issued by Judge Loretta Preska, which orders the transfer of part of the controlling stake, from going forward.
The country's lawyers will present arguments to the Second Circuit Court of Appeals in New York to maintain the stay on Preska's ruling.
The aim is for the higher court to extend the decision for the entire duration of the appeal proceedings. Currently, the stipulated pause for complying with the ruling is limited to the duration of the parties' current presentations.
The Argentine ruling will be issued this Tuesday, July 22 , after the beneficiaries of the ruling expressed to the New York Court of Appeals that they do not wish to retain the oil company's shares, although they are demanding that Argentina deposit a guarantee to process the appeal.
This change in position by the beneficiaries of the lawsuit for the expropriation of YPF , which requires Argentina to pay US$16.1 billion, comes after the U.S. government supported Argentina's position through an amicus brief.
Amid this improved judicial climate, the country will present its considerations to avoid immediately divesting itself of the company's shares and be able to pursue the appeal in the same court under a different framework.
If the court order is rejected, Preska's order will be reactivated , forcing Argentina to comply or face the risk of contempt, which could have negative effects on international markets.
A declaration of contempt in the United States refers to disobedience of a court ruling. Although it is not provided for by a state, it can result in a fine and represent another negative incentive that damages Argentina's credibility with the global community and credit institutions, hindering access to international markets.
losandes
