Arbitral Digest

Matter

Cyrus Capital Partners, L.P. and Contrarian Capital Management, LLC v. United Mexican States (ICSID Case No. ARB/23/33)

Case no.
ARB/23/33
  1. 3 April 2024Arbitration

    3 April 2024Arbitration

    Procedural Order No. 1

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Tribunal adopted the procedural rules and timetable for the arbitration, including arrangements concerning the Tribunal's constitution, representation, place of proceeding, procedural languages, document production, and hearings.

    Supporting details

    3 authorities · 7 participants
    Cyrus Capital Partners, L.P.
    Contrarian Capital Management, LLC
    United Mexican States
    International Centre for Settlement of Investment Disputes
    Arbitrator
    Zachary Douglas
    Tribunal secretary
    Veronica Lavista

    Authorities cited

    3
    • Convention on the Settlement of Investment Disputes between States and Nationals of Other States (ICSID Convention)
      treaty
    • ICSID Arbitration Rules in force as of July 1, 2022
      rules
    • North American Free Trade Agreement (NAFTA 1994)
      treaty
  2. 3 April 2024Arbitration

    3 April 2024Arbitration

    Procedural Order No. 2 on Transparency and Confidentiality

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Tribunal adopted the parties' transparency and confidentiality regime, defining covered documents, confidential information, redaction procedures, and publication arrangements.

    Supporting details

    2 authorities · 6 participants
    Cyrus Capital Partners, L.P.
    Contrarian Capital Management, LLC
    United Mexican States
    International Centre for Settlement of Investment Disputes
    Arbitrator
    Zachary Douglas

    Authorities cited

    2
    • NAFTA Free Trade Commission Note of Interpretation of Certain Chapter 11 Provisions (July 31, 2001 Note of Interpretation)
      treaty
    • North American Free Trade Agreement (NAFTA 1994)
      treaty

    4 months and 17 days later · 139 days

  3. 20 August 2024Arbitration

    20 August 2024Arbitration

    Procedural Order No. 3 Revised Procedural Calendar

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Tribunal approved the parties' agreed extension and adopted a revised procedural calendar.

    Supporting details

    3 participants
    International Centre for Settlement of Investment Disputes
    Arbitrator
    Zachary Douglas

    3 months and 28 days later · 120 days

  4. 18 December 2024Arbitration

    18 December 2024Arbitration

    Procedural Order No. 4 Document Production

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Tribunal decided the parties' document production requests in the attached Redfern schedules and stated that those rulings did not decide the jurisdictional objections or the merits.

    Supporting details

    2 authorities · 3 participants
    International Centre for Settlement of Investment Disputes
    Arbitrator
    Zachary Douglas

    Authorities cited

    2
    • IBA Rules on the Taking of Evidence in International Arbitration (IBA Rules 2020)
      rules
    • ICSID Arbitration Rules in force as of July 1, 2022
      rules

    28 days later · 28 days

  5. 15 January 2025Arbitration

    15 January 2025Arbitration

    Procedural Order No. 5 Revised Procedural Calendar

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Tribunal approved a further agreed extension and adopted a revised procedural calendar, including dates for the jurisdictional hearing.

    Supporting details

    3 participants
    International Centre for Settlement of Investment Disputes
    Arbitrator
    Zachary Douglas

    2 months and 18 days later · 77 days

  6. 2 April 2025Arbitration

    2 April 2025Arbitration

    Procedural Order No. 6 Revised Procedural Calendar

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Tribunal adopted the revised procedural calendar agreed after extensions to the Respondent's Reply on Jurisdiction and the remaining deadlines.

    Supporting details

    3 participants
    International Centre for Settlement of Investment Disputes
    Arbitrator
    Zachary Douglas

    6 months and 26 days later · 209 days

  7. 28 October 2025Arbitration

    28 October 2025Arbitration

    Procedural Order No. 7 on Hearing Organization

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Tribunal set the organization of the jurisdictional hearing, including an in-person hearing in Washington, D.C. from November 5 to November 6, 2025, with remote participation arrangements and related procedural requirements.

    Supporting details

    4 participants
    International Centre for Settlement of Investment Disputes
    Arbitrator
    Zachary Douglas
    Tribunal secretary
    Patricia Rodriguez Martin

    8 days later · 8 days

  8. 5 November 2025Arbitration

    5 November 2025Arbitration

    Procedural Order No. 8 Claimants' Request for a Suspension of the Proceeding

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Tribunal dismissed the Claimants' request to suspend the proceeding, holding that negotiations, the cited United States court order, and the pendency of awards in other proceedings did not justify suspension.

    Supporting details

    2 authorities · 7 participants
    Cyrus Capital Partners, L.P.
    Contrarian Capital Management, LLC
    United Mexican States
    International Centre for Settlement of Investment Disputes
    Arbitrator
    Zachary Douglas
    Tribunal secretary
    Patricia Rodriguez Martin

    Authorities cited

    2
    • ICSID Arbitration Rules in force as of July 1, 2022
      rules
    • Ruby River v. Canada (ICSID Case No. ARB/23/5)
      case-law

Matter record

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Cyrus Capital Partners, L.P. and Contrarian Capital Management, LLC v. United Mexican States (ICSID Case No. ARB/23/33) · Matter