YPF Heading for Lowest Close in NY Since November 2002
YPF SA (YPF), the nationalized oil company, slid as much as 3.4 percent on concerns Argentina may face a technical default as a New York judge is asking the sovereign to submit a plan to pay holders of defaulted debt.
YPF slumped 3.4 percent to $10.10 at 3 p.m. in New York, heading for the lowest close since Nov. 8, 2002.
YPF’s market value is about $4 billion, after losing 76.1 percent in the year. Spain’s Repsol SA (REP) had a 51 percent stake in the company seized by Argentina’s government in April. The Madrid-based company is seeking to obtain $10.5 billion in compensation from Argentina for the expropriation.
To contact the reporter on this story: Pablo Gonzalez in Buenos Aires at pgonzalez49@bloomberg.net
To contact the editor responsible for this story: James Attwood at jattwood3@bloomberg.net
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