Mexican Businessman’s Company Fails to Reach Agreement with US Bondholders
Mexico City – TV Azteca, the company run by Mexican businessman Ricardo Salinas Pliego, announced on Tuesday that it was unable to reach an agreement with bondholders in the United States who are owed tens of millions of dollars in late payments.
The company issued a statement indicating that it had to restructure the bonds that expire in 2024 due to the difficulties faced by its businesses. This comes after being in court-ordered negotiations with bondholders since September, a process that ultimately ended without a consensual resolution.
The dispute revolves around $400 million in bonuses and about $105 million in late payments, according to the statement. Despite these financial difficulties, Salinas Pliego has recently posted on social media showcasing his luxurious lifestyle, including yachts, expensive vehicles, and art purchases.
The company cited the impact of the coronavirus pandemic, a decline in advertising revenue, as well as continued deterioration of Mexico’s television industry and economy, as reasons for their financial struggles. However, Salinas Pliego’s social media posts did not reflect any of these challenges.
Additionally, to celebrate the 30th anniversary of TV Azteca, the company offered to give away a mansion and luxury vehicles, further adding to the dichotomy between the reported financial struggles and the lavish displays.
Salinas Pliego has made incendiary attacks on political and public figures on his social media accounts, often mocking individuals with whom he disagrees. These posts have garnered him thousands of followers, but have also led to rifts with the government and controversy surrounding his behavior.