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So the next milestone for the YPF trial is 22nd of feb?:
"The following month, Argentina appealed the ruling before New York’s Court of Appeals for the Second Circuit, and will present its first arguments on February 22. The original date was January 23, but the country requested an extension, which Preska granted."
Do we know how long the appeal will take approximately? thanks
Hello, i was trying to find in previous posts a likely date on which judge Preska would give her answer about the bond issue (bond or no bond on appeal). Does someone know when we should likely hear from her on this issue? i recall court documents stating that an answer would be on a specific date in November (may have been a separate issue) - thanks
Hi Gallmat, could you detail your NAV calc please? thanks
"First privatized in 1993, YPF was re-nationalized in 2012 with an overwhelming vote of approval from Argentina’s Congress at the time. The move was also signed into law by the country’s then-President Cristina Fernandez de Kirchner.
U.S. District Judge Loretta Preska ruled Argentina breached its obligations to YPF minority shareholders by seizing a 51% stake in the company from Repsol without tendering for the remaining shares.
The $16 billion payout includes around $8.4 billion in damages plus about $7.6 billion in 8% pre-judgment interest since the April 2012 seizure date determined by the judge.
Argentinian government spokeswoman Gabriela Cerruti posted on X, formerly Twitter, that the country would appeal Preska’s decision immediately.
“We will continue to defend energy sovereignty and our state company YPF against vulture funds,” Cerruti said.
However, analysts believe a settlement is likely, especially as the country urgently needs funding from the International Monetary Fund.
“We believe the new government will need to engage with the IMF and settling Burford’s claim could have zero marginal cost for Argentina,” said Numis in a research note.
The election of a more pro-market president in October’s vote could also make Argentina more willing to engage.
“While the current government may see the sense in an appeal, if it were to hinder an IMF deal we don’t believe a new government would share that view,” Numis added.
Both Jefferies and Numis said Burford is likely to be conservative on revaluing the YPF cases and forecast further increases to carrying values later this year.
Jonathan Molot, Burford’s chief investment officer, said in a filing that the ruling represented a “complete win.”
“This case represents what Burford is all about and exemplifies the contribution we make to the civil justice system – without us, there would be no justice in this complicated and long-running case for Petersen and Eton Park,” Molot said."
maybe this? interim CEO made permanent.
https://news.sky.com/story/vodafone-closes-in-on-appointment-of-new-chief-executive-12867504
"In addition, under the terms of the indentures governing our senior notes issued in private placement transactions pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended, we are obligated to provide audited financial statements to the holders of such senior notes by April 30, 2023. Our inability to do so would constitute an event of default under the indentures governing such senior notes if unremedied for 60 days following requisite written notice. Accordingly, our inability to complete our audited financial statements in a timely manner could require us to seek an amendment or waiver of the reporting covenant in the indentures governing such senior notes. If we were unable to do so, we would need to refinance such indebtedness, and there can be no assurance that we would be able to do so on a timely basis or on satisfactory terms, if at all."
So actually not much would happen without results by the 30th of April as there is a 60 day grace period for BUR to provide these to their bond holders? or should we expect a drop in SP/volatility on the run up to the day if no results?