NEW YORK, Jan 11 (Reuters) - A U.S. judge said Argentina has had enough time to pledge assets to help secure a $16.1 billion judgment it owes, in a ruling favoring a litigation funder that has threatened to seize some of the country's assets.
U.S. District Judge Loretta Preska in Manhattan said Argentina has had a "reasonable period of time" to start pledging assets or seek an expedited appeal of the Sept. 15, 2023 judgment, but has done neither.
Argentina and a New York-based lawyer for the country were not immediately available for comment.
The judgment arose from Argentina's 2012 decision to seize a 51% stake in oil company YPF held by Spain's Repsol without tendering for shares held by minority investors.
Two investors were awarded the $16.1 billion, and the litigation funder Burford Capital is expected to receive 35% and 73% of their respective damages.
Preska had agreed not to enforce the judgment until the earlier of Argentina's failure to pledge assets by Jan. 10 or seek an expedited appeal by Jan. 30.
She said last month's election of Javier Milei as president did not excuse the country's delay.
"At each turn, the Republic has demonstrated an apparent intention to leverage motion practice and the transition of administrations to dodge its obligations on the final judgment, and there is no evidence of any attempt to pay the final judgment," the judge wrote.
The judge said she sympathized with Argentina over its "dire economic circumstances," but said it demonstrated that the country "has not taken, and purportedly cannot take, steps toward payment and that it has no timeline for doing so."
Burford and one of its lawyers did not immediately respond to requests for comment. (Reporting by Jonathan Stempel in New York Editing by Marguerita Choy)
Burford Capital (BUR)
