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Mexico's TV Azteca Faces Creditor Ultimatum After Skipping Interest Payments; Some lenders to the multimedia company say they plan to take action to seize the broadcaster's assets if the company doesn't agree to a repayment plan
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Mexico's TV Azteca Faces Creditor Ultimatum After Skipping Interest Payments; Some lenders to the multimedia company say they plan to take action to seize the broadcaster's assets if the company doesn't agree to a repayment plan
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Mexico's TV Azteca Faces Creditor Ultimatum After Skipping Interest Payments; Some lenders to the multimedia company say they plan to take action to seize the broadcaster's assets if the company doesn't agree to a repayment plan
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Trade Publication Article
Mexico's TV Azteca Faces Creditor Ultimatum After Skipping Interest Payments; Some lenders to the multimedia company say they plan to take action to seize the broadcaster's assets if the company doesn't agree to a repayment plan
2022
Overview
Mexico City-based TV Azteca is the second largest producer of Spanish-language television programming in the world, and is controlled by one of Mexico's wealthiest men, Ricardo Salinas Pliego, who owns a number of media and technology companies through his holding company, Grupo Salinas. The company's largest U.S.-based creditors, including Fidelity Investments Inc., Contrarian Capital Management LLC and Cyrus Capital Partners LP, met with a representative for TV Azteca at Fidelity's headquarters in Boston on Wednesday to discuss a plan that would repay the bondholders in full plus accrued interest over time, one of the people said. [...]while skipping its interest payments, the network used cash on hand to pay down a line of credit that Banco Azteca, a bank also controlled by the Salinas family, had extended to the company, according to a March report by Fitch Ratings Inc. Representatives for TV Azteca and Grupo Salinas didn't immediately respond to requests for comment.
Publisher
Dow Jones & Company Inc
Subject
