The agreement reached by YPF around the Maxus case in the United States, announced last night by the oil company, «It is a great victory for our country”, stressed the Minister of Economy, Sergio Massa.
For her part, the Secretary of Energy, Flavia Royon, also congratulated González and his team “for the excellent negotiation carried out in reaching this agreement.”
through understanding, all actions filed once morest YPF and once morest Repso will be dismissedl, while granting a release and full acquittal of claims which presented at the time the Maxus Liquidation Trust for up to US$ 14,000 million.
“Great achievement for YPF, a success for Pablo González, a great victory for our country”, 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 TwitterRoyon pointed out: “A dispute with the Maxus Settlement Trust was closed following almost 20 years of litigation, through only 2% of the amount claimed.”
The official explained that “with this closure, YPF is freed not only from this litigation that has hindered its international negotiations, but it will be able to reinforce the course of growth and value generation that it is carrying out by being a fundamental actor in the national energy development”.
The agreement determines that the Settlement Trust Maxus would drop the claims it filed once morest YPF and Repsol in the Bankruptcy Court of the District of Delawareas well as all current and future claims that they may have once morest both companies.
In exchange for this, YPF and Repsol agreed to pay the Trust an amount of US$287.5 million each, making a total of US$575 million.
The amount to be paid by YPF is equivalent to only 2% of the original amount of the claim.
The agreement is subject to judicial approval and other conditions thatue must be met over the next few months, detailed YPF in a statement.
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