Maxus Must Prove YPF Caused Harm In $14B Ch. 11 Suit

By Rick Archer (June 22, 2022, 10:05 PM EDT) -- A Delaware bankruptcy judge on Wednesday found the liquidating trust created under the Chapter 11 plan of Maxus Energy will have to prove the actions of Maxus' parent YPF SA harmed it, as the trust seeks payment of up to $14 billion in environmental liabilities.

In a 150-page ruling on multiple summary judgment motions in the case, U.S. Bankruptcy Judge Christopher Sontchi said the trust's arguments that YPF was responsible for paying all of Maxus' liabilities by virtue of being an alter ego of its subsidiary failed to hold up.

"That theory, while creative, is too far-reaching and is flawed as...

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