TV Azteca Fails to Reach Agreement with US Bondholders Over Past-Due Payments

Company Cites Pandemic, Declining Advertising and Economic Deterioration as Factors; Magnate Continues to Flaunt Wealth on Social Media

Mexican magnate Ricardo Salinas Pliego's company, TV Azteca, has failed to reach an agreement with US bondholders over tens of millions of dollars in past-due payments.
The dispute involves about $400 million in bonds, with about $105 million in past-due payments.
TV Azteca has been in a U.S. court-ordered mediation with bondholders since September, but the parties were unable to reach a consensual resolution.
The company claims it has been hit by the coronavirus pandemic, a decline in advertising, the continued deterioration of the TV broadcasting industry and Mexico’s economy, as well as additional pressures on its cash flow generating capabilities.
Despite the company's financial struggles, Salinas Pliego continues to flaunt his wealth on social media, posting photos of his lavish lifestyle and offering to give away a mansion and luxury cars to celebrate the 30th anniversary of TV Azteca.