[6-K] YPF Sociedad Anonima Current Report (Foreign Issuer)
YPF Sociedad Anónima (NYSE: YPF) filed a Form 6-K to disclose a U.S. District Court decision dated 30 June 2025 ordering the Argentine Republic – not YPF – to surrender its YPF shareholdings in two separate New York enforcement actions:
- Petersen/Eton Park case: the Republic must transfer its Class D shares to a Bank of New York Mellon (BNYM) global custody account within 14 days, then instruct BNYM to deliver those shares to the plaintiffs within one business day of deposit.
- Bainbridge case: a similar order covers both Class A and Class D shares, with identical timing requirements.
YPF emphasises that it is not a party to either turnover proceeding. The Republic may still appeal the turnover orders.
Investment implications: The mandated transfer could materially reduce the Argentine government’s equity stake and voting influence in YPF if the orders are upheld, potentially shifting governance dynamics. Conversely, any appeal could delay execution, prolonging uncertainty. The eventual recipients (hedge funds and litigation vehicles) may opt to monetise the shares, creating potential secondary-market supply pressure. No direct financial penalties or cash outflows are imposed on YPF in this ruling, so immediate liquidity impacts are negligible, yet the change in ownership structure and lingering litigation headline risk remain key factors for investors.
YPF Sociedad Anónima (NYSE: YPF) ha presentato un Modulo 6-K per comunicare una decisione del Tribunale Distrettuale degli Stati Uniti datata 30 giugno 2025, che ordina alla Repubblica Argentina – e non a YPF – di consegnare le proprie partecipazioni azionarie in YPF in due distinti procedimenti di esecuzione a New York:
- Caso Petersen/Eton Park: la Repubblica deve trasferire le proprie azioni di Classe D su un conto di custodia globale presso Bank of New York Mellon (BNYM) entro 14 giorni, quindi ordinare a BNYM di consegnare tali azioni ai ricorrenti entro un giorno lavorativo dal deposito.
- Caso Bainbridge: un ordine simile riguarda sia le azioni di Classe A che di Classe D, con le stesse tempistiche.
YPF sottolinea di non essere parte in nessuno dei due procedimenti di consegna. La Repubblica può ancora presentare ricorso contro tali ordini.
Implicazioni per gli investimenti: Il trasferimento obbligatorio potrebbe ridurre significativamente la quota azionaria e l’influenza di voto del governo argentino in YPF se gli ordini saranno confermati, modificando potenzialmente la governance. Al contrario, un eventuale ricorso potrebbe ritardare l’esecuzione, prolungando l’incertezza. I destinatari finali (fondi hedge e veicoli di contenzioso) potrebbero decidere di monetizzare le azioni, generando potenziali pressioni di offerta sul mercato secondario. Nessuna sanzione finanziaria diretta o esborsi in denaro sono imposti a YPF da questa sentenza, quindi l’impatto immediato sulla liquidità è trascurabile, ma il cambiamento nella struttura proprietaria e il rischio di contenzioso persistente restano fattori chiave per gli investitori.
YPF Sociedad Anónima (NYSE: YPF) presentó un Formulario 6-K para divulgar una decisión del Tribunal de Distrito de EE.UU. fechada el 30 de junio de 2025, que ordena a la República Argentina – y no a YPF – entregar sus participaciones accionarias en YPF en dos procedimientos de ejecución separados en Nueva York:
- Caso Petersen/Eton Park: la República debe transferir sus acciones Clase D a una cuenta de custodia global en Bank of New York Mellon (BNYM) dentro de 14 días, y luego instruir a BNYM para que entregue esas acciones a los demandantes dentro de un día hábil tras el depósito.
- Caso Bainbridge: una orden similar abarca tanto las acciones Clase A como Clase D, con los mismos plazos.
YPF enfatiza que no es parte en ninguno de los procesos de entrega. La República aún puede apelar las órdenes de entrega.
Implicaciones para la inversión: La transferencia ordenada podría reducir materialmente la participación accionaria y la influencia de voto del gobierno argentino en YPF si se mantienen las órdenes, lo que podría cambiar la dinámica de gobernanza. Por otro lado, cualquier apelación podría retrasar la ejecución, prolongando la incertidumbre. Los destinatarios finales (fondos de cobertura y vehículos de litigio) podrían optar por monetizar las acciones, creando potencial presión de oferta en el mercado secundario. No se imponen sanciones financieras directas ni salidas de efectivo a YPF en esta resolución, por lo que el impacto inmediato en la liquidez es insignificante, aunque el cambio en la estructura de propiedad y el riesgo latente de litigios siguen siendo factores clave para los inversores.
YPF Sociedad Anónima (NYSE: YPF)는 2025년 6월 30일자 미국 지방법원 판결을 공시하기 위해 Form 6-K를 제출했으며, 이 판결은 아르헨티나 공화국이 YPF가 아닌 두 건의 별도 뉴욕 집행 소송에서 YPF 지분을 인도하도록 명령했습니다:
- Petersen/Eton Park 사건: 공화국은 14일 이내에 Bank of New York Mellon(BNYM) 글로벌 수탁 계좌로 Class D 주식을 이전하고, 예치 후 영업일 기준 1일 이내에 BNYM에 주식을 원고에게 인도하도록 지시해야 합니다.
- Bainbridge 사건: 유사한 명령이 Class A 및 Class D 주식 모두에 적용되며, 동일한 일정 요건이 있습니다.
YPF는 두 회수 절차 모두에 당사자가 아님을 강조합니다. 공화국은 여전히 회수 명령에 대해 항소할 수 있습니다.
투자 시사점: 명령된 이전이 유지되면 아르헨티나 정부의 YPF 지분과 의결권 영향력이 실질적으로 감소할 수 있으며, 이는 지배구조에 변화를 초래할 수 있습니다. 반면, 항소가 있을 경우 집행이 지연되어 불확실성이 장기화될 수 있습니다. 최종 수령자(헤지펀드 및 소송 관련 기관)는 주식을 현금화할 수 있어 2차 시장 공급 압력이 발생할 수 있습니다. 이번 판결로 YPF에 직접적인 재정적 제재나 현금 유출은 없으므로 즉각적인 유동성 영향은 미미하지만, 소유 구조 변화와 지속되는 소송 리스크는 투자자에게 중요한 요소로 남아 있습니다.
YPF Sociedad Anónima (NYSE : YPF) a déposé un formulaire 6-K pour divulguer une décision du tribunal de district américain datée du 30 juin 2025 ordonnant à la République argentine – et non à YPF – de remettre ses participations dans YPF dans deux procédures d’exécution distinctes à New York :
- Affaire Petersen/Eton Park : la République doit transférer ses actions de Classe D sur un compte de conservation global chez Bank of New York Mellon (BNYM) dans les 14 jours, puis demander à BNYM de livrer ces actions aux plaignants dans un délai d’un jour ouvrable après le dépôt.
- Affaire Bainbridge : une ordonnance similaire concerne les actions de Classe A et de Classe D, avec les mêmes délais.
YPF souligne qu’elle n’est pas partie à ces procédures de remise. La République peut encore faire appel des ordonnances de remise.
Implications pour l’investissement : Le transfert ordonné pourrait réduire considérablement la participation en capital et l’influence de vote du gouvernement argentin dans YPF si les ordonnances sont maintenues, ce qui pourrait modifier la dynamique de gouvernance. En revanche, tout appel pourrait retarder l’exécution, prolongeant l’incertitude. Les bénéficiaires finaux (fonds spéculatifs et véhicules de litige) pourraient choisir de monétiser les actions, créant une possible pression sur l’offre du marché secondaire. Aucune sanction financière directe ni sortie de trésorerie n’est imposée à YPF dans cette décision, donc les impacts immédiats sur la liquidité sont négligeables, mais le changement dans la structure de propriété et le risque persistant de litiges restent des facteurs clés pour les investisseurs.
YPF Sociedad Anónima (NYSE: YPF) hat ein Formular 6-K eingereicht, um eine Entscheidung des US-Bezirksgerichts vom 30. Juni 2025 offenzulegen, die die Argentinische Republik – nicht YPF – anweist, ihre YPF-Aktien in zwei getrennten Vollstreckungsverfahren in New York herauszugeben:
- Petersen/Eton Park-Fall: Die Republik muss ihre Class D-Aktien innerhalb von 14 Tagen auf ein globales Depotkonto bei der Bank of New York Mellon (BNYM) übertragen und BNYM anweisen, diese Aktien innerhalb eines Geschäftstags nach Einzahlung an die Kläger zu übergeben.
- Bainbridge-Fall: Eine ähnliche Anordnung betrifft sowohl Class A- als auch Class D-Aktien mit identischen Fristen.
YPF betont, dass sie in keinem der Herausgabeverfahren Parteien ist. Die Republik kann gegen die Herausgabeanordnungen Berufung einlegen.
Investitionsimplikationen: Die angeordnete Übertragung könnte den Eigenkapitalanteil und die Stimmrechtsmacht der argentinischen Regierung an YPF erheblich verringern, falls die Anordnungen bestätigt werden, was die Governance-Dynamik verändern könnte. Andererseits könnte eine Berufung die Ausführung verzögern und die Unsicherheit verlängern. Die letztendlichen Empfänger (Hedgefonds und Rechtsstreitvehikel) könnten sich entscheiden, die Aktien zu monetarisieren, was potenziellen Druck auf das Sekundärmarktangebot erzeugt. Es werden keine direkten finanziellen Strafen oder Geldabflüsse für YPF in diesem Urteil verhängt, sodass unmittelbare Liquiditätsauswirkungen gering sind, aber die Änderung der Eigentümerstruktur und das anhaltende Rechtsrisiko bleiben wichtige Faktoren für Investoren.
- Potential reduction in Argentine government control could lead to more market-friendly governance and strategic autonomy.
- Transfer of shares to financial investors may increase free float and trading liquidity over time.
- Large blocks entering the market create a share-overhang risk, potentially pressuring YPF’s stock price.
- Governance uncertainty until appeals are resolved may heighten risk premium and volatility.
Insights
TL;DR: Court orders force Argentina—not YPF—to hand over YPF shares; governance and overhang risks rise if appeals fail.
The Southern District of New York has converted last year’s multibillion-dollar judgment into an enforceable equity turnover. By compelling the Republic to place its Class A/D shares into BNYM and then transfer them to winning plaintiffs, the court is effectively stripping the government of a controlling block. Although the Republic will likely appeal, the order is immediately operative unless stayed. From a litigation standpoint, YPF faces no direct liability but remains exposed to headline risk and potential governance upheaval once new shareholders emerge. Should the Republic lose control, protective provisions in YPF’s bylaws could be triggered, leading to board re-composition and policy shifts.
TL;DR: Transfer may lessen political interference, but overhang from large block sale could weigh on share price.
YPF’s operating fundamentals are unchanged; however, the possible loss of state majority could be transformative. A more market-oriented shareholder base could push for capital-discipline and higher returns. Yet Bainbridge and Petersen/Eton Park funds are financial investors likely to monetise quickly, introducing sizeable supply into an illiquid Argentine market and ADR float. We classify the disclosure as medium impact—governance optionality offsets overhang risk. Near-term price reaction will hinge on whether an appellate stay is granted.
YPF Sociedad Anónima (NYSE: YPF) ha presentato un Modulo 6-K per comunicare una decisione del Tribunale Distrettuale degli Stati Uniti datata 30 giugno 2025, che ordina alla Repubblica Argentina – e non a YPF – di consegnare le proprie partecipazioni azionarie in YPF in due distinti procedimenti di esecuzione a New York:
- Caso Petersen/Eton Park: la Repubblica deve trasferire le proprie azioni di Classe D su un conto di custodia globale presso Bank of New York Mellon (BNYM) entro 14 giorni, quindi ordinare a BNYM di consegnare tali azioni ai ricorrenti entro un giorno lavorativo dal deposito.
- Caso Bainbridge: un ordine simile riguarda sia le azioni di Classe A che di Classe D, con le stesse tempistiche.
YPF sottolinea di non essere parte in nessuno dei due procedimenti di consegna. La Repubblica può ancora presentare ricorso contro tali ordini.
Implicazioni per gli investimenti: Il trasferimento obbligatorio potrebbe ridurre significativamente la quota azionaria e l’influenza di voto del governo argentino in YPF se gli ordini saranno confermati, modificando potenzialmente la governance. Al contrario, un eventuale ricorso potrebbe ritardare l’esecuzione, prolungando l’incertezza. I destinatari finali (fondi hedge e veicoli di contenzioso) potrebbero decidere di monetizzare le azioni, generando potenziali pressioni di offerta sul mercato secondario. Nessuna sanzione finanziaria diretta o esborsi in denaro sono imposti a YPF da questa sentenza, quindi l’impatto immediato sulla liquidità è trascurabile, ma il cambiamento nella struttura proprietaria e il rischio di contenzioso persistente restano fattori chiave per gli investitori.
YPF Sociedad Anónima (NYSE: YPF) presentó un Formulario 6-K para divulgar una decisión del Tribunal de Distrito de EE.UU. fechada el 30 de junio de 2025, que ordena a la República Argentina – y no a YPF – entregar sus participaciones accionarias en YPF en dos procedimientos de ejecución separados en Nueva York:
- Caso Petersen/Eton Park: la República debe transferir sus acciones Clase D a una cuenta de custodia global en Bank of New York Mellon (BNYM) dentro de 14 días, y luego instruir a BNYM para que entregue esas acciones a los demandantes dentro de un día hábil tras el depósito.
- Caso Bainbridge: una orden similar abarca tanto las acciones Clase A como Clase D, con los mismos plazos.
YPF enfatiza que no es parte en ninguno de los procesos de entrega. La República aún puede apelar las órdenes de entrega.
Implicaciones para la inversión: La transferencia ordenada podría reducir materialmente la participación accionaria y la influencia de voto del gobierno argentino en YPF si se mantienen las órdenes, lo que podría cambiar la dinámica de gobernanza. Por otro lado, cualquier apelación podría retrasar la ejecución, prolongando la incertidumbre. Los destinatarios finales (fondos de cobertura y vehículos de litigio) podrían optar por monetizar las acciones, creando potencial presión de oferta en el mercado secundario. No se imponen sanciones financieras directas ni salidas de efectivo a YPF en esta resolución, por lo que el impacto inmediato en la liquidez es insignificante, aunque el cambio en la estructura de propiedad y el riesgo latente de litigios siguen siendo factores clave para los inversores.
YPF Sociedad Anónima (NYSE: YPF)는 2025년 6월 30일자 미국 지방법원 판결을 공시하기 위해 Form 6-K를 제출했으며, 이 판결은 아르헨티나 공화국이 YPF가 아닌 두 건의 별도 뉴욕 집행 소송에서 YPF 지분을 인도하도록 명령했습니다:
- Petersen/Eton Park 사건: 공화국은 14일 이내에 Bank of New York Mellon(BNYM) 글로벌 수탁 계좌로 Class D 주식을 이전하고, 예치 후 영업일 기준 1일 이내에 BNYM에 주식을 원고에게 인도하도록 지시해야 합니다.
- Bainbridge 사건: 유사한 명령이 Class A 및 Class D 주식 모두에 적용되며, 동일한 일정 요건이 있습니다.
YPF는 두 회수 절차 모두에 당사자가 아님을 강조합니다. 공화국은 여전히 회수 명령에 대해 항소할 수 있습니다.
투자 시사점: 명령된 이전이 유지되면 아르헨티나 정부의 YPF 지분과 의결권 영향력이 실질적으로 감소할 수 있으며, 이는 지배구조에 변화를 초래할 수 있습니다. 반면, 항소가 있을 경우 집행이 지연되어 불확실성이 장기화될 수 있습니다. 최종 수령자(헤지펀드 및 소송 관련 기관)는 주식을 현금화할 수 있어 2차 시장 공급 압력이 발생할 수 있습니다. 이번 판결로 YPF에 직접적인 재정적 제재나 현금 유출은 없으므로 즉각적인 유동성 영향은 미미하지만, 소유 구조 변화와 지속되는 소송 리스크는 투자자에게 중요한 요소로 남아 있습니다.
YPF Sociedad Anónima (NYSE : YPF) a déposé un formulaire 6-K pour divulguer une décision du tribunal de district américain datée du 30 juin 2025 ordonnant à la République argentine – et non à YPF – de remettre ses participations dans YPF dans deux procédures d’exécution distinctes à New York :
- Affaire Petersen/Eton Park : la République doit transférer ses actions de Classe D sur un compte de conservation global chez Bank of New York Mellon (BNYM) dans les 14 jours, puis demander à BNYM de livrer ces actions aux plaignants dans un délai d’un jour ouvrable après le dépôt.
- Affaire Bainbridge : une ordonnance similaire concerne les actions de Classe A et de Classe D, avec les mêmes délais.
YPF souligne qu’elle n’est pas partie à ces procédures de remise. La République peut encore faire appel des ordonnances de remise.
Implications pour l’investissement : Le transfert ordonné pourrait réduire considérablement la participation en capital et l’influence de vote du gouvernement argentin dans YPF si les ordonnances sont maintenues, ce qui pourrait modifier la dynamique de gouvernance. En revanche, tout appel pourrait retarder l’exécution, prolongeant l’incertitude. Les bénéficiaires finaux (fonds spéculatifs et véhicules de litige) pourraient choisir de monétiser les actions, créant une possible pression sur l’offre du marché secondaire. Aucune sanction financière directe ni sortie de trésorerie n’est imposée à YPF dans cette décision, donc les impacts immédiats sur la liquidité sont négligeables, mais le changement dans la structure de propriété et le risque persistant de litiges restent des facteurs clés pour les investisseurs.
YPF Sociedad Anónima (NYSE: YPF) hat ein Formular 6-K eingereicht, um eine Entscheidung des US-Bezirksgerichts vom 30. Juni 2025 offenzulegen, die die Argentinische Republik – nicht YPF – anweist, ihre YPF-Aktien in zwei getrennten Vollstreckungsverfahren in New York herauszugeben:
- Petersen/Eton Park-Fall: Die Republik muss ihre Class D-Aktien innerhalb von 14 Tagen auf ein globales Depotkonto bei der Bank of New York Mellon (BNYM) übertragen und BNYM anweisen, diese Aktien innerhalb eines Geschäftstags nach Einzahlung an die Kläger zu übergeben.
- Bainbridge-Fall: Eine ähnliche Anordnung betrifft sowohl Class A- als auch Class D-Aktien mit identischen Fristen.
YPF betont, dass sie in keinem der Herausgabeverfahren Parteien ist. Die Republik kann gegen die Herausgabeanordnungen Berufung einlegen.
Investitionsimplikationen: Die angeordnete Übertragung könnte den Eigenkapitalanteil und die Stimmrechtsmacht der argentinischen Regierung an YPF erheblich verringern, falls die Anordnungen bestätigt werden, was die Governance-Dynamik verändern könnte. Andererseits könnte eine Berufung die Ausführung verzögern und die Unsicherheit verlängern. Die letztendlichen Empfänger (Hedgefonds und Rechtsstreitvehikel) könnten sich entscheiden, die Aktien zu monetarisieren, was potenziellen Druck auf das Sekundärmarktangebot erzeugt. Es werden keine direkten finanziellen Strafen oder Geldabflüsse für YPF in diesem Urteil verhängt, sodass unmittelbare Liquiditätsauswirkungen gering sind, aber die Änderung der Eigentümerstruktur und das anhaltende Rechtsrisiko bleiben wichtige Faktoren für Investoren.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13A-16 OR 15D-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of June 2025
Commission File Number: 001-12102
YPF Sociedad Anónima
(Exact name of registrant as specified in its charter)
Macacha Güemes 515
C1106BKK Buenos Aires, Argentina
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F ☒ Form 40-F ☐
YPF Sociedad Anónima
TABLE OF CONTENT
| ITEM 1 | Translation of letter to the Argentine Securities Commission dated June 30, 2025. |
City of Buenos Aires, June 30, 2025
COMISIÓN NACIONAL DE VALORES (“CNV”)
25 de Mayo 175
City of Buenos Aires
BOLSAS Y MERCADOS ARGENTINOS S.A. (“ByMA”)
Sarmiento 299
City of Buenos Aires
A3 MERCADOS S.A. (“A3 Mercados”)
Maipu 1210
City of Buenos Aires
PRESENT
Ref: Relevant Fact – Judicial Proceeding in New York.
The purpose hereof is to comply with the requirements set forth in Article 2, Chapter I, Title XII of the Rules of the CNV (T.O. 2013, as amended and supplemented), and the corresponding ByMA and A3 rules.
As previously disclosed, in our Relevant Fact (“Hecho Relevante”) of April 23, 2024 and our Financial Statements, Plaintiffs in the proceedings brought by Petersen Energía Inversora S.A.U., Petersen Energía S.A.U., Eton Park Capital Management, L.P., Eton Park Master Fund, LTD. and Eton Park Fund, L.P. (collectively, “Plaintiffs”) against the Argentine Republic (the “Republic”) and YPF S.A. (“YPF”), had filed a turnover motion against the Republic, in connection with the enforcement of the judgment entered by the District Court in New York on September 15, 2023, asking the District Court to require the Republic to turnover to Plaintiffs its Class D shares of YPF. On June 30, 2025, the District Court granted Plaintiffs’ turnover motion, ordering the Republic to (i) transfer its Class D shares of YPF to a global custody account at the Bank of New York Mellon (“BNYM”) in New York within 14 days of the date of the order; and (ii) instruct BNYM to initiate a transfer of the Republic’s ownership interests in its Class D shares of YPF to Plaintiffs or their designees within one business day of the date on which the shares are deposited into the account.
In addition, on the same date, in the proceedings brought by Bainbridge Fund Ltd. against the Republic, the District Court partially granted Bainbridge’s turnover motion, ordering the Republic to (i) transfer its Class A and Class D shares of YPF to a global custody account at BNYM in New York within 14 days from the date of the order; and (ii) instruct BNYM to initiate a transfer of the Republic´s ownership interest in its Class A and Class D shares of YPF to Bainbridge or its designees within one business day of the date on which the shares are deposited into the account.
YPF is not a party to either of the turnover proceedings referenced above.
The District Court’s decisions on the turnover motions may be appealed by the Republic in accordance with applicable procedural rules.
Sincerely yours,
Margarita Chun
Market Relations Manager
YPF S.A.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| YPF Sociedad Anónima | ||||||
| Date: June 30, 2025 | By: | /s/ Margarita Chun | ||||
| Name: |
Margarita Chun | |||||
| Title: |
Market Relations Officer | |||||
FAQ
Why did the New York court order Argentina to transfer its YPF shares?
Is YPF (YPF) directly liable for any payment under this ruling?
How many YPF share classes are affected by the turnover order?
Can Argentina appeal the turnover decision?
What could happen to YPF’s governance after the transfer?
Will YPF’s cash flow or operations change immediately?
