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3h ago

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

Mexico’s president called for a review of a Mexico City judge after the ruling reinforced New York jurisdiction with contempt penalties.

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
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
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Overview

  • Judge Paul G. Gardephe ruled on Sept. 22 that disputes over TV Azteca’s 2017 bond must be litigated exclusively in New York, enforcing the contract’s forum clause.
  • The order requires TV Azteca to withdraw its 2022 cases in Mexico and bars new filings there, with potential fines or arrest orders for executives if it defies the court.
  • Creditors led by The Bank of New York Mellon say the claim now stands at about $580 million in principal and accrued interest.
  • TV Azteca halted interest payments in 2021, then obtained payment suspensions in Mexico during 2022 from judges including Miguel Ángel Robles, which the U.S. court deemed obstructive.
  • President Claudia Sheinbaum urged the TSJCDMX to review the civil judge’s actions as international arbitration tied to the dispute proceeds and as separate large tax claims against Grupo Salinas continue.