TV Azteca, one of the largest content producers in Spanish in Latin America, affirmed that it maintains its operations normally, after it became known that a group of creditors requested before a New York court for the company to declare bankruptcy due to non-payment of interest on a bond maturing in 2024.
“As we have always done, we will respond responsibly and firmly to all legal processes, knowing that we have the ethical and legal reason, and that the judicial authorities will confirm it,” TV Azteca said in a brief press release.
A group of three creditors filed a petition in the United States for TV Azteca de México to declare bankruptcy involuntarilyalleging that the station is not paying the 63.32 million dollars (mdd) that it owes them, according to information from the Reuters agency.
The bondholders, Luxembourg-based Plenisfer Investments SICAV, New York-based Cyrus Capital Partners and Cayman Islands-registered Sandpiper Ltd, filed the Chapter 11 petition Monday in federal court in New York.
After the news was released, the shares of TV Azteca fell 2.83% at the end of the day.
The company controlled by Ricardo Salinas Pliego It said that it is open to dialogue to reach a favorable agreement for all parties with the debt holders of the bond maturing in 2024.
He also stated that they will continue working with “financial discipline, thanks to which our operation remains solid.”
Controlled by Mexican tycoon Ricardo Salinas Pliego, the station has faced months of pressure from its creditors to pay its debts, which at the end of September amounted to 9,840 million pesos (526 million dollars).
TV Azteca broadcasts four television channels in Mexico, Azteca uno, Azteca 7, adn40 and a+, through more than 300 local stations throughout the country. The company also owns Azteca Digital, operator of several of the most visited portals and social networks in Mexico.
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