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2h ago

U.S. Judge Orders TV Azteca to Drop Mexican Lawsuits in $580 Million Bond Case

Mexico’s president has requested a review of the Mexico City judge who froze payments, signaling pressure to keep the dispute in New York.

La presidenta de México, Claudia Sheinbaum Pardo, afirmó que todos los contribuyentes al pagar sus adeudos con el SAT pueden acercarse a las autoridades fiscales para recibir descuentos
La presidenta Claudia Sheinbaum le reitera a Ricardo Salinas Pliego que pague sus deudas. | Crédito: Presidencia/X @RicardoBSalinas
Sheinbaum pide al Tribunal Superior de Justicia revisar actuación de juez que benefició a Grupo Salinas
Ordena juez en Estados Unidos a TV Azteca retirar litigio en México | Crédito: Banco digital GH/Especial

Overview

  • U.S. District Judge Paul G. Gardephe on Sept. 22 enforced the bonds’ New York forum clause and directed TV Azteca to withdraw 2022 cases filed in Mexico City.
  • The order bars the company from launching new proceedings in Mexican courts related to the bonds and keeps the litigation in the Southern District of New York.
  • Noncompliance could trigger sanctions, including monetary fines and possible arrest orders for company executives, according to the court’s warning.
  • The disputed debt stems from 2017 bonds of about $400 million with an 8.25% coupon, for which payments stopped in 2021; creditors now claim roughly $580 million.
  • Mexican judges, including Miguel Ángel Robles, granted suspensions that halted payments, which the U.S. court described as malicious obstruction, as creditors also pursue a USMCA arbitration and Grupo Salinas faces separate tax and AT&T-related pressures.