Grupo Televisa gets ruling stopping JPM from selling loan to Inbursa

By Sara Rosenberg

New York, July 27 - Grupo Televisa SAB's subsidiary, Empresas Cablevisión, will not see any interest in its $225 million loan from JPMorgan sold to Banco Inbursa as a result of a ruling from the U.S. District Court in New York, according to a 6-K filed with the Securities and Exchange Commission on Tuesday.

The injunction, which was obtained after JPMorgan agreed to repurchase from Inbursa the 90% interest in the loan, prohibits JPMorgan from selling any interest in the loan to Inbursa, from having discussions with Inbursa regarding non-public information and from benefiting Inbursa when taking action in connection with the loan.

"We are gratified by the judge's ruling. It is an important decision both for the enforcement of borrower's veto rights under credit agreements and for requiring financial services institutions to act responsibly on behalf of their customers" said Salvi Folch, chief financial officer, in a news release.

Grupo Televisa is a Mexico City-based media company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.