Second Circuit reverses YPF judgment; Burford expects material write-down in Q1 2026

Burford Capital Ltd

2-1 panel reversed District Court; Judge Cabranes dissented, would have affirmed.
Majority held Argentina's tender-offer promise unenforceable by minority NYSE shareholders.
Burford expects non-cash write-down of YPF asset in Q1; carrying value is substantial.
Write-down could limit debt incurrence under senior note indentures; no maintenance covenants.
Plaintiffs likely to seek en banc review or pursue investment treaty arbitration against Argentina.

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