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New York Judge Orders TV Azteca to Drop Mexican Suits in $580 Million Bond Dispute

Mexico’s president agreed to meet the U.S. bondholders next week, signaling scrutiny of the local rulings that shielded the broadcaster.

Overview

  • U.S. District Judge Paul G. Gardephe enforced a 2017 forum‑selection clause requiring TV Azteca’s bond dispute to be litigated exclusively in New York.
  • The order compels the company to withdraw 2022 actions in Mexico that invoked COVID‑19 to halt payments and bars any new filings there.
  • The court called the Mexican cases a malicious attempt to obstruct creditors and warned of contempt penalties, including fines and possible arrest of executives.
  • Claudia Sheinbaum asked Mexico City’s judiciary to review Judge Miguel Ángel Robles Villegas’s pandemic‑era rulings and said her government will not assume or privately negotiate the debts.
  • Creditors led by The Bank of New York Mellon seek roughly $580 million and are also pursuing a USMCA arbitration over Mexico’s court measures that delayed payment.