Burford Capital (BUR) said Monday that it expects a "substantial" write-down of the value of its YPF asset after a US appeals court reversed a $16 billion judgement against Argentina for nationalizing the oil company YPF in 2012.

The company was funding the case under its litigation finance business. The decision is a "meaningful delay in expected cash proceeds" from the case, Burford Chief Executive Officer Christopher Bogart said.

Bogart also noted that the court ruling has no cash impact and does not affect Burford's core business.