Mexico’s TV Azteca bondholders file involuntary Chapter 11 petition

By Sarah Lizee

Olympia, Wash., March 21 – Three foreign bondholders of TV Azteca SAB de CV filed an involuntary Chapter 11 bankruptcy petition Monday in the U.S. Bankruptcy Court for the Southern District of New York, according to court documents.

The petitioning bondholders are Plenisfer Investments Sicav – Destination Value Total Return, based in Trieste, Italy, Cyrus Opportunities Master Fund II, Ltd., based in New York, and Sandpiper Ltd., based in Greenwich, Conn.

Together, they hold about $63.32 million in claims related to the company’s 8¼% senior unsecured notes due 2024.

Akin Gump Strauss Hauer & Feld LLP is representing the petitioning bondholders.

TV Azteca, in a press release that responded to the filing, noted that the company “reiterates its commitment and willingness to dialogue in order to reach a favorable agreement for all parties.”

Based in Mexico City, TV Azteca is a producer of Spanish-language television programming. The case number is 23-10385.

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