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Creditors (including Fidelity) consider seizure of Mexican media conglomerate over delinquent debt

edited January 25 in Other Investing
“A consortium of U.S.-based creditors to Mexican multimedia conglomerate TV Azteca S.A.B. de C.V. has threatened to take action to seize its assets in Mexico and abroad after the company skipped a year’s worth of interest payments and is on the cusp of forgoing another in February … Mexico City-based TV Azteca is the second largest producer of Spanish-language television programming in the world …

“TV Azteca has been in arrears on its debts for almost an entire year, after it skipped a $16.5 million interest payment on a $400 million dollar-denominated bond due in 2024 last February and hasn’t sent creditors any money they are owed since. The company also opted not to pay another $16.5 million interest payment that came due in August, according to two people with knowledge of the matter.

“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. TV Azteca has yet to decide if it will accept the offer.”

(Excerpted from)
“Pro Bankruptcy Distress”
By Alexander Saeedy
The Wall Street Journal
January 24, 2022
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