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TV Azteca creditors seek bankruptcy

TV Azteca creditors seek bankruptcy

Three creditors of TV Azteca SAB filed a petition before a court in New York (USA) so that the Mexican television station declare bankruptcyafter you have failed to pay them the $63 million he owes them.

In accordance with BloombergAztec defaulted on US$400 million bond payments in 2021 and since then they entered into a negotiation process with the creditors. However, in March, Azteca’s bondholders were notified that a Mexican judge had temporarily frozen their collection attempts.

Therefore, the creditors, identified as Plenisfer Investments SGR SpA, Cyrus Capital Partners LP and Sandpiper Ltd.ask that the company founded by magnate Ricardo Salinas involuntarily file for Chapter 11 of the New York Bankruptcy Codeaccording to court documents.

Involuntary bankruptcy cases require a company to agree to be under court protection, or, to face creditors in court. In that context, a bankruptcy judge would decide whether the television station remains bankrupt or whether the case is dismissed.

Ricardo Salinas Pliego, founder of TV Azteca, is one of the richest men in Mexico with a fortune that amounts to $12.45 billion, according to Forbes magazine.

shares fall

The shares of TV Azteca They came to fall this Tuesday March 21 in the Mexican Stock Exchange (BVM) more than 5% after the request for the station to declare itself in bankruptcy. In the last 12 months, the shares of the television station have registered a fall of around 20%.

Source: Larepublica

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