Mexico City, Mexico — TV Azteca creditors are pushing for involuntary bankruptcy. Since the news, shares fell more than 5 percent. The firm’s shares fell after its creditors’ petition to initiate bankruptcy proceedings in the United States.
Creditors are demanding payment of about $63.3 million USD. A group of creditors is requesting that the company declare bankruptcy in the United States.
At the beginning of Tuesday, TV Azteca shares fell 5.5 percent. In the last 12 months, the company’s shares have fallen by around 20 percent.
Several TV Azteca creditors filed an involuntary petition for bankruptcy against the Mexican company under Chapter 11 to demand payment of debts estimated at $63.3 million USD, 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 three creditors.
According to the filing, the request was made by the funds Plenisfer Investments SICAV – Destination Value Total Return for an amount of $11.6 million, Cyrus Opportunities Master Fund II Ltd. for $27.4 million and Sandpiper Limited for $24.2 million in unsecured debt bonds.
The three creditors are represented by the legal firm Akin Gump, which also represented a group of bondholders in a similar suit against Mexican nonbank lender Credito Real, which collapsed after defaulting on a bond last year.
In August of 2022, the Federal Court of Administrative Justice ordered TV Azteca to pay 2.6 billion peso in taxes and fines to the Tax Administration Service (SAT).
In December of that same year, the Federal Court of Administrative Justice (TFJA) ordered Grupo Elektra, which is owned by the same person Ricardo Salinas Pliego, to pay nearly 5 billion peso in taxes.