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Argentina's Petersen Group in default: SEC filing
May 18, 2012 / 8:21 PM / 6 years ago

Argentina's Petersen Group in default: SEC filing

BUENOS AIRES (Reuters) - Petersen Group has been declared in default of loans it took out to help buy a stake in Argentine oil company YPF, and been ordered to repay what it borrowed immediately, a U.S. regulatory filing shows.

Credit Suisse Group AG, Petersen’s lead lender, demanded repayment of all principal and interest outstanding in a letter dated May 16, saying the company had breached several loan covenants.

The letter was disclosed in a U.S. Securities and Exchange Commission filing that was made public early Friday.

Petersen, owned by Argentina’s Eskenazi family, declined to comment on the SEC filing made late on Thursday.

The banks that loaned the money to Petersen Group to buy 25 percent of YPF could end up being repaid in YPF shares, after the group failed to make a $400 million payment on Wednesday. The loan from the banks was backed by YPF shares.

The banks owed money by Petersen also include Citi, BNP Paribas and Brazil’s Banco Itau.

Argentina nationalized YPF this month, saying its previous majority holder, Repsol, invested too little in exploration and production.

President Cristina Fernandez complained that the company’s lack of output forced Argentina to increase costly fuel imports.

Reporting by Guido Nejamkis and Jonathan Stempel; Writing by Hugh Bronstein; Editing by Gary Hill

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