© Reuters.
MEXICO CITY (Reuters) – A U.S. decide has dismissed an involuntary chapter case towards Mexican broadcaster TV Azteca, managed by Mexican billionaire Ricardo Salinas Pliego, stemming from a petition filed by bondholders over missed funds.
The choice by Choose Lisa G. Beckerman, posted Monday night and reviewed by Reuters, granted TV Azteca’s movement to dismiss on grounds that the petitioning collectors’ claims are topic to a bona fide dispute.
“The petitioning creditors cannot voluntarily disclaim their entitlement to a redemption premium so that their claims are not subject to a bona fide dispute,” the choice stated.
TV Azteca issued $400 million in unsecured notes in 2017, and in keeping with collectors’ claims, started lacking funds in 2021.
A spokesperson for TV Azteca declined to remark.
In March, a gaggle of three collectors – Luxembourg-based Plenisfer Investments SICAV, New York-based Cyrus Capital Companions and Sandpiper Ltd, registered within the Cayman Islands – filed a petition in america for TV Azteca to enter chapter involuntarily, alleging the broadcaster just isn’t paying an owed $63.32 million.
They’re represented by New York regulation agency Akin Gump, which additionally represented a gaggle of bondholders in an identical go well with towards Mexican nonbank lender Credito Actual CREAL.MX, which collapsed after defaulting on a bond final yr.
