Case Details

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

Subject of Dispute:

Debt Instruments/Banking and financial services
Economic Sector:

Other Industry
Instrument(s) Invoked:

NAFTA (North American Free Trade Agreement), USMCA (United States-Mexico-Canada Agreement)
Applicable Rules:

ICSID Convention - Arbitration Rules

(a) Original Proceeding

Claimant(s)/Nationality(ies):

Cyrus Capital Partners, L.P. (U.S.), Contrarian Capital Management, LLC (U.S.)
Respondent(s):

United Mexican States (Mexican)
Date Registered:

August 11, 2023
Date of Constitution of Tribunal:

February 6, 2024

Composition of Tribunal

President:

Lawrence COLLINS (British) - Appointed by the Parties
Arbitrators:

David J. A. CAIRNS (British, New Zealand) - Appointed by the Claimant(s)
Zachary DOUGLAS (Australian, Swiss) - Appointed by the Respondent(s)

Party Representatives

Claimant(s):

Akin Gump Strauss Hauer & Feld, Washington D.C., U.S.A.
Respondent(s):

Dirección General de Consultoría Jurídica de Comercio Internacional, Secretaría de Economía, Mexico City, Mexico
Tereposky & DeRose, Ottawa, Canada
Pillsbury Winthrop Shaw Pittman, Washington, D.C., U.S.A.
Language(s) of Proceeding:

English,Spanish
Status of Proceeding:

Pending
Latest Development:

February 11, 2026 - Each party files a statement of costs.

(a) Original Proceeding

Published Decisions

Request for Arbitration

Procedural Order No. 1

Procedural Order No. 2

Memorial on Jurisdiction

Counter-Memorial on Jurisdiction

Procedural Order No. 3

Procedural Order No. 4

Annex A to Procedural Order No. 4

Annex B to Procedural Order No. 4

Procedural Order No. 5

Procedural Order No. 6

Reply on Jurisdiction

Claimants' Rejoinder on Jurisdiction

Article 1128 Submission of Canada

Article 1128 Submission of the United States of America

Procedural Order No. 7

Procedural Order No. 8

Available on the ICSID Website

Request for Arbitration (June 30, 2023) English (Original)

Procedural Order No. 1 (April 3, 2024) English (Original); Spanish (Original)

Procedural Order No. 2 (April 3, 2024) English (Original); Spanish (Original)

Memorial on Jurisdiction (June 4, 2024) Spanish (Original)

Counter-Memorial on Jurisdiction (August 29, 2024) English (Original); Spanish (Original)

Procedural Order No. 3 (August 20, 2024) English (Original); Spanish (Original)

Procedural Order No. 4 (December 18, 2024) English (Original); Spanish (Original)

Annex A to Procedural Order No. 4 (December 18, 2024) English (Original); Spanish (Original)

Annex B to Procedural Order No. 4 (December 18, 2024) English (Original); Spanish (Original)

Procedural Order No. 5 (January 15, 2025) English (Original); Spanish (Original)

Procedural Order No. 6 (April 2, 2025) English (Original); Spanish (Original)

Reply on Jurisdiction (April 16, 2025) English (Original); Spanish (Original)

Claimants' Rejoinder on Jurisdiction (June 30, 2025) English (Original); Spanish (Original)

Article 1128 Submission of Canada (July 15, 2025) English (Original)

Article 1128 Submission of the United States of America (July 15, 2025) English (Original)

Procedural Order No. 7 (October 28, 2025) English (Original); Spanish (Original)

Procedural Order No. 8 (November 5, 2025) English (Original); Spanish (Original)

(a) Original Proceeding

Date	Development
August 11, 2023	The Secretary-General registers a request for the institution of arbitration proceedings.
October 5, 2023	Following appointment by the Respondent, Zachary Douglas (Australian/Swiss) accepts his appointment as arbitrator.
October 14, 2023	Following appointment by the Claimants, David J. A. Cairns (British/New Zealand) accepts his appointment as arbitrator.
February 5, 2024	Following appointment by agreement of the parties, Lawrence Collins (British) accepts his appointment as presiding arbitrator.
February 6, 2024	The Tribunal is constituted in accordance with Article 37(2)(a) of the ICSID Convention. Its members are: Lawrence Collins (British), President, appointed by agreement of the parties; David J.A. Cairns (British/New Zealand), appointed by the Claimants; and Zachary Douglas (Australian/Swiss), appointed by the Respondent.
March 21, 2024	The Tribunal holds a first session by video conference.
April 3, 2024	The Tribunal issues Procedural Order No. 1 concerning procedural matters.
April 3, 2024	The Tribunal issues Procedural Order No. 2 concerning transparency and confidentiality.
June 4, 2024	The Respondent files a memorial on jurisdiction.
August 20, 2024	The Tribunal issues Procedural Order No. 3 concerning the procedural calendar.
August 29, 2024	The Claimants file a counter-memorial on jurisdiction.
December 18, 2024	The Tribunal issues Procedural Order No. 4 concerning production of documents.
January 15, 2025	The Tribunal issues Procedural Order No. 5 concerning the procedural calendar.
April 2, 2025	The Tribunal issues Procedural Order No. 6 concerning the procedural calendar.
April 16, 2025	The Respondent files a reply on jurisdiction.
June 30, 2025	The Claimants file a rejoinder on jurisdiction.
July 15, 2025	The United States of America files a written submission as a non-disputing State Party pursuant to NAFTA Article 1128.
July 15, 2025	Canada files a written submission as a non-disputing State Party pursuant to NAFTA Article 1128.
August 5, 2025	The Respondent files observations on the non-disputing parties’ written submissions.
October 21, 2025	The Tribunal holds a pre-hearing organizational meeting with the parties by video conference.
October 28, 2025	The Tribunal issues Procedural Order No. 7 concerning the organization of the hearing.
November 5, 2025 - November 6, 2025	The Tribunal holds a hearing on jurisdiction in Washington, D.C.
November 5, 2025	The Tribunal issues Procedural Order No. 8 concerning procedural matters.
January 28, 2026	Each party files a post-hearing brief.
February 11, 2026	Each party files a statement of costs.