Bankrupt Petersen Energia Blames Argentina in U.S. Lawsuit
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Bankrupt Spanish companies Petersen Energia Inversora S.A.U. and Petersen Energia S.A.U. sued Argentina in New York federal court, blaming it for losses they incurred after Buenos Aires-based gas-and-oil producer YPF SA was nationalized in 2012.
Petersen bought shares of Argentine government-controlled YPF in a 1993 initial public offering, with the promise that if the company were nationalized, Argentina in a tender offer would pay fair value, “but Argentina and YPF intentionally and in bad faith breached those promises” in 2012, the Spanish companies’ lawyers said.