City of Buenos Aires, April 23, 2024
COMISIÓN NACIONAL DE VALORES (“CNV”)
25 de Mayo 175
City of Buenos Aires
MERCADO ABIERTO ELECTRÓNICO S.A. (“MAE”)
Maipú 1210
City of Buenos Aires
BOLSAS Y MERCADOS ARGENTINOS S.A. (“ByMA”)
Sarmiento 299
City of Buenos Aires
Present
Ref. Relevant Fact – Judicial Proceeding in New York
Our highest consideration:
On April 19, 2024, the United States District Court for the Southern District of New York (the “District Court”) issued an order in the proceedings brought by Petersen Energía Inversora S.A.U., Petersen Energía S.A.U., Eton Park Capital Management, L.P., Eton Park Master Fund, LTD. and Eton Park Fund, L.P. (collectively, “Plaintiffs”) against the Argentine Republic (the “Republic”) and YPF S.A. (“YPF”), which are currently pending on appeal in the United States Court of Appeals for the Second Circuit.
On April 1, 2024, Plaintiffs filed two motions under seal (i.e., filed with the court confidentially and not available to the public or YPF): one seeking turnover of the YPF Class D shares held by the Republic; and the other seeking to keep all briefing related to the turnover motion under seal. The Republic filed a response opposing Plaintiffs’ request to keep such briefing under seal. YPF separately filed a letter opposing Plaintiffs’ request to keep such briefing under seal.
In its April 19 order, the District Court denied Plaintiffs’ request to seal the briefing related to Plaintiffs’ turnover motion and ordered Plaintiffs and the Republic to publicly file all documents relating to such motion. On April 22, 2024, Plaintiffs filed their turnover motion publicly, which requests that the District Court order the Republic to turn over the YPF Class D shares held by the Republic to Plaintiffs in partial satisfaction of the District Court’s judgment against the Republic in this proceeding. The Republic has until May 16, 2024 to file its brief in opposition to Plaintiffs’ turnover motion. Plaintiffs have until May 30, 2024 to file their reply brief.
YPF is not a party to the turnover motion and was not granted access to the motion or the related documents until they were publicly filed. Following the filing of the Republic’s opposition brief and the Plaintiffs’ reply brief, the District Court may hold oral hearings prior to rendering a decision on the turnover motion. Furthermore, the District Court’s decision on the turnover motion may be appealed by Plaintiffs or the Republic in accordance with applicable procedural rules.