Burford Capital acquired litigation rights from the bankrupt Petersen group for EUR 15 million after the Eskenazi family’s companies collapsed following the 2012 nationalization. The Petersen entities had purchased their 25 percent YPF stake using bank loans intended for repayment through dividends, which ceased when the state assumed control. The case originated from then-Deputy Economy Minister Axel Kicillof’s refusal to extend indemnification offers to minority shareholders during the expropriation process, specifically the Petersen group and Eton Park fund.
YPF president Horacio Marín stated the decision enables the company to advance its “Plan 4×4” strategic framework and strengthen export positioning. Economy Minister Luis Caputo characterized the outcome as excellent news for national interests. The Treasury Attorney General’s office emphasized the ruling validates Argentina’s juridical position and represents institutional coordination in defending sovereign public interest.
Legal consultant Sebastián Maril noted Burford has 90 days to file a Supreme Court petition, though former Treasury Deputy Attorney Sebastián Soler indicated the high court accepts only 1-2 percent of cases presented. Alternative recourse includes initiating proceedings at the International Centre for Settlement of Investment Disputes, a World Bank arbitration mechanism where Argentina ranks among the most frequently sued nations. The litigation timeline extends from 2015 through multiple appellate stages, with final resolution potentially delayed into 2027 depending on Burford’s strategic choices.
This article was curated and published as part of our South American energy market coverage.
