The Delaware courts accepted the agreement reached between YPF, Repsol and the Maxus Liquidation Trust, in a case that has been going on for more than two decades. The oil company must pay US$287.5 million, against an initial demand that amounted to US$14,000 million.
The United States justice system accepted on Monday the agreement reached between the parties in the Maxus case signed by YPF, a lawsuit that has been going on for more than two decades. Thus, the majority state company must pay US$287.5 million, while the initial claims amounted to US$14,000 million. There is still a legal detail left for it to be completely closed, but expectations are favourable.
The judge in charge of the Bankruptcy Court of the US state of Delaware, Craig Goldblatt, accepted the agreement reached a month ago by YPF and Repsol with the Maxus Liquidation Trust. There it was established that the trust will drop the claims filed against YPF and Repsol, as well as future claims. In return, YPF and Repsol agreed to pay the trust US$287.5 million eacha total of US$575 million, without the companies admitting any responsibility.
This agreement was announced on April 6 as an achievement, since it is a cause initiated in 2002, due to events that occurred more than 30 years ago. However, YPF will not publicly celebrate this news yet. It happens that, although the judicial approval of the agreement with Maxus was missing, which is precisely what happened this Monday, other conditions still remain to be met to reach the closure.
Also US justice must accept other agreements reached by YPF in the same case. On the one hand, those signed with government entities, such as the United States Department of Justice, on behalf of the Environmental Protection Agency, and the States of Ohio and Wisconsin, through which the Government undertakes not to file claims similar to those of the Maxus Liquidation Trust.
In addition, they also signed a settlement agreement with Occidental Chemical Corporation and certain of its affiliates, under which the company agreed to waive all claims it may have against YPF or Repsol, in relation to Maxus, the Passaic River and other areas subject to environmental remediation. . “The agreements with Occidental and the US are similarly subject to certain precedent conditions,” the oil company had communicated in early April.
Source: Ambito
