At the beginning of the day this Tuesday, the shares of TV Azteca fell 5.5% to 0.7 pesos per title, since then they have recovered and half-day they register a drop of 0.13%.
In the last 12 months, the firm’s shares have fallen by around 20%.
Tv Azteca bankrupt?
Several TV Azteca creditors filed an “involuntary petition” for bankruptcy against the Mexican company under Chapter 11 of the United States to demand payment of debts estimated at 63.315 million dollars, a New York court said on Tuesday.
The claim was filed on Monday before the Bankruptcy Court of the Southern District of New York by the funds Plenisfer Investments SICAV-Destination Value Total Return, from Luxembourg; US Cyrus Opportunities Master Fund II Ltd and Sandpiper Limited, of Grand Cayman, according to the document.
According to a Bloomberg note, Azteca defaulted on $400 million of dollar bonds in 2021 and has been negotiating with creditors ever since.
TV Azteca is controlled by Ricardo Salinas, who is ranked 10th in the ranking of ‘The 100 most important businessmen in Mexico’ 2022 edition of Expansion.
With information from Reuters.
