- Two investment funds that are creditors of Televisión Azteca demand that the Mexican State pay at least $219 million.
STAFF / REFORM AGENCY
MEXICO CITY.- Two investment funds creditors of Televisión Azteca demand from the Mexican State the payment of at least 219 million dollars, about 3.6 billion pesos, for the protection of the capital judge Miguel Angel Robles Villegas to Ricardo’s company Salinas Pliego.
On May 14, the Ministry of Economy (SE) published details of the arbitration claim filed on August 22, 2023 by the Cyrus Capital and Contrarian Capital funds, which own part of the debt bonds for 488 million dollars that TV Azteca stopped paying in February 2021.
The funds maintain that the precautionary measures that Robles secretly issued in September 2022 to protect TV Azteca from the actions of its creditors, without giving them the right to a hearing, have prevented them from suing the company to collect interest on the debt, hence their claim for compensation from the Mexican State for violations of the North American Free Trade Agreement (NAFTA).
On February 6, the arbitration tribunal that will resolve the dispute was formed, in which the British Lawrence Collins, the Swiss-Australian Zachary Douglas and the British-New Zealander David Cairns participate.
The SE has to pay US and Canadian firms to defend the case, and an eventual adverse award against Mexico would have to be paid with resources from the federal budget, although the process for the final resolution can take two to four years.
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