TV Azteca grace period expires as Fitch warns on conflicts of interest

Adobe, mexico, peso, gold, silver, coins, LatAm, FX, currency, Mexican peso, 575
By Oliver West
15 Mar 2021

Fitch downgraded Mexican broadcaster TV Azteca from C to restricted default (RD) on Friday after the 30 day grace period expired on a missed coupon payment. The rating agency is forecasting recoveries for bondholders in the 31%-50% range.

In February, TV Azteca — which is owned by controversial Mexican billionaire Ricardo Salinas Pliego — failed to make a $16.5m payment on its $400m of 8.25% August 2024s. The firm hired Moelis & Co and Alfaro, Dávila y Scherer to advise on what it is calling ...

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