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MEXICO CITY (Reuters) – A U.S. decide has dismissed an involuntary chapter case in opposition to Mexican broadcaster TV Azteca, managed by Mexican billionaire Ricardo Salinas Pliego, stemming from a petition filed by bondholders over missed funds.
The choice by Choose Lisa G. Beckerman, posted Monday night and reviewed by Reuters, granted TV Azteca’s movement to dismiss on grounds that the petitioning collectors’ claims are topic to a bona fide dispute.
“The petitioning collectors can’t voluntarily disclaim their entitlement to a redemption premium in order that their claims aren’t topic to a bona fide dispute,” the choice mentioned.
TV Azteca issued $400 million in unsecured notes in 2017, and in accordance with collectors’ claims, started lacking funds in 2021.
A spokesperson for TV Azteca declined to remark.
In March, a bunch of three collectors – Luxembourg-based Plenisfer Investments SICAV, New York-based Cyrus Capital Companions and Sandpiper Ltd, registered within the Cayman Islands – filed a petition in america for TV Azteca to enter chapter involuntarily, alleging the broadcaster just isn’t paying an owed $63.32 million.
They’re represented by New York legislation agency Akin Gump, which additionally represented a bunch of bondholders in an identical swimsuit in opposition to Mexican nonbank lender Credito Actual CREAL.MX, which collapsed after defaulting on a bond final 12 months.
