Overview
- A district judge declared TV Azteca's concurso mercantil procedente and fixed a mandatory 185-day conciliation that begins after publication in the Diario Oficial de la Federación.
- Public court filings show as many as 600 creditors and 228 with invoices overdue at filing, while reported assets covered only 7.07% of immediate obligations.
- Grupo Salinas and TV Azteca say broadcasts and day-to-day operations will continue without interruption during the negotiated reorganization.
- Separately, U.S. bondholders led by The Bank of New York Mellon continue litigation over a $400 million 2017 bond, alleging transfers of valuable assets and pointing to a $290 million loan from AlterBank.
- What to watch next: the start date in the Diario Oficial, creditor proposals during the conciliation, and outcomes in the parallel U.S. case that could affect any final restructuring or asset sales.