YPF closes at two-year high after saying assets not at risk from U.S. courts


American depository shares of YPF rose to two-year highs today following reports Argentina's state oil producer said its assets cannot be seized by creditors still trying to collect on a 2002 default on Argentine government debt because it is an independent company.

A U.S. appeals court last week ruled Argentina could not continue to pay creditors who agreed to restructure their bonds after the default on $100B in debt unless it also paid $1.33B to smaller groups of hedge fund managers demanding full payment on the bonds, but YPF says it is "an independent company and... Its assets don't belong to the Republic of Argentina, and as such cannot be embargoed by the Republic of Argentina's creditors."

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