Argentina has appealed to a Manhattan court to halt Burford Capital from seizing its foreign assets. The move from Burford Capital follows a judge’s rule acknowledging that Argentina owes the hedge fund billions of dollars. Burford Capital plans to initiate the seizure of assets immediately after January 10. Argentina’s legal representatives, however, have labeled this timeline as “unnecessary and premature”.
This motion by Argentina follows a recent ruling connected to a $16.1 billion YPF lawsuit. Argentina argues that in such judicial matters, most courts permit much longer durations that are considered ‘reasonable’ before the actual seizing of assets occurs.
With this argument, the South American country clearly aims to buy itself more time before Burford Capital can begin its process of collecting the debt. US District Judge Loretta Preska is anticipated to make a ruling about the precise timing for the process of seizing assets.
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