A cohort of TV Azteca SAB’s creditors filed a petition to force the Mexican broadcaster into involuntary bankruptcy in the U.S., the latest twist in drawn-out debt talks, Bloomberg News reported. Holders of about $63 million of unsecured Azteca bonds filed an involuntary chapter 11 petition against the company in New York, according to court papers on Monday. The move marks the second attempt by bondholders to get traction for their claims against Azteca after it defaulted on the $400 million of notes in 2021. Negotiations have been thorny between creditors and the media company, which is controlled by Mexico’s third-richest man, Ricardo Salinas Pliego. The defaulted dollar notes, which were set to mature in 2024, were trading at 42.25 cents as of March 14, according to Trace data. Shares of the company have fallen more than 11% so far this year, even as an MSCI Inc. gauge of Mexican stocks climbs about 14%. In a Tuesday statement, Azteca reiterated its commitment to negotiations with creditors and financial discipline. The company said it would respond “responsibly” to the legal proceedings and expected the authorities to side with Azteca. Involuntary bankruptcy cases require a company to either agree to put itself under court protection or fight creditors in court. Now that a petition has been filed, a judge will be asked to decide whether Azteca stays in bankruptcy, or if the case is dismissed. The creditors are identified as Plenisfer Investments SGR SpA, Cyrus Capital Partners LP and Sandpiper Ltd. in the petition.
