A Mexico City district court has formally placed broadcaster TV Azteca under commercial bankruptcy protection after the company defaulted on payment obligations totaling MX$23.345 billion. The ruling grants a one-year conciliation period to negotiate a debt restructuring, temporarily halting asset seizures and the enforcement of most pre-petition liabilities to preserve operations. The case has significant implications for Mexico’s media sector, international bondholders holding more than US$633 million in defaulted debt, and creditors including the Tax Administration Service (SAT).
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TV Azteca has been formally granted commercial bankruptcy protection by a First District Judge in Commercial Bankruptcy Matters in Mexico City. The…