Petersen Group Defaults on Debt for YPF Stake, El Cronista Says

Argentina’s Petersen Group, which owns a 25 percent stake in YPF SA (YPFD), ceased payments on $500 million of debt with banks, newspaper El Cronista reported, citing executives at the energy company it didn’t name.

The banks may take the YPF stake to pay for the debt, El Cronista said. The Petersen Group was trying to delay payments until there was more clarity on YPF’s status after Argentina nationalized 51 percent of the company in April, Cronista said.

The Argentine group, owned by the Eskenazi family, received $1.018 billion from Credit Suisse Group AG, Goldman Sachs Group Inc., Banco Itau Europa and BNP Paribas SA, and $1.015 billion from Spain’s Repsol YPF SA (REP) in 2008 when it acquired 14.09 percent of YPF, Buenos Aires-based Cronista said.

Standard Bank Group Ltd., Citigroup Inc., Credit Suisse and Repsol lent it $670 million when it acquired an additional 10 percent of oil producer YPF in 2011, the newspaper reported.

To contact the reporter on this story: Camila Russo in Buenos Aires at crusso15@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net

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