U.S. Supports Argentina's Bid to Delay YPF Stake Turnover Amid Investor Dispute

The U.S. government supports Argentina's request to delay a court order to surrender its 51% stake in oil company YPF, amidst a $16.1 billion judgment. Investors Petersen Energia and Eton Park are urging against the delay, citing concerns over Argentina's appeal strategies and economic impact.

The U.S. government has backed Argentina's move to temporarily halt a court mandate requiring it to relinquish its controlling 51% stake in oil and gas leader YPF, amidst a $16.1 billion legal judgment in favor of two investors.

The government argued that resolving the underlying legal issues is vital and that proceeding without delay could jeopardize U.S.-Argentine foreign relations.

Investors Petersen Energia Inversora and Eton Park Capital Management have requested that the appeals court dismiss Argentina's request for a stay, criticizing the nation's tactics of 'delay and obstruction' while cautioning against irreversible economic ramifications.

(With inputs from agencies.)