The understanding ensures that all actions brought against YPF and Repsol in the Bankruptcy Court of the District of Delaware will be dismissed.
The agreement reached by YPF around the maxus case in USAannounced on Friday night by the oil company, “is a great victory for our country,” stressed the minister of Economy, Sergio Massa.
For his part, the Secretary of Energy, Flavia RoyónHe also congratulated the president of the state oil company, Pablo Gonzalezand his team “for the excellent negotiation carried out in reaching this agreement.”
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through understanding, all actions filed against YPF and Repsol will be dismissedwhile granting a release and full acquittal of claims which presented at the time the Maxus Liquidation Trust for up to US$14,000 million.
“A great achievement for YPF, a success for Pablo González, a great victory for our country,” he stressed. Massa through the social network Twitter, where he also valued the work of the president of the Argentine oil company: “Congratulations!” Meanwhile, also through Twitter, Royon pointed out: “Dispute with Maxus Settlement Trust closed after nearly 20 years of litigationthrough only 2% of the amount claimed”.
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The official explained that “with this closure, YPF frees itself not only from this litigation that has hindered your International negotiationsbut you can reinforce the course of growth and value generation that it is carrying out as a fundamental actor in national energy development”.
The agreement determines that the Maxus Liquidation Trust would withdraw the claims it filed against YPF and Repsol in the Bankruptcy Court for the District of Delawareas well as all current and future claims that they may have against both companies.
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In exchange for this, YPF and Repsol promised to pay the Escrow an amount of US$287.5 million each, which makes a total number of US$575 million. The total you will have to pay YPF equals only to 2% of the original demand figure.
He agreement is subject to court approval and other conditions that must be met over the next few months, YPF detailed in a statement.
Source: Ambito
