Mexico City — Shares of TV Azteca (AZTECACP), the Mexican television station owned by billionaire Ricardo Salinas Pliego, fell on the Mexican Stock Exchange Tuesday after it was learned that its creditors are seeking to force the broadcaster to declare bankruptcy.
The company’s shares were trading at 0.70 pesos ($0.03) per unit, equivalent to a loss of 5.53% compared to the previous trading day.
On the morning of March 21, it was announced that TV Azteca’s creditors are seeking to force the TV station to declare bankruptcy after failing to pay its foreign bondholders, according to a Bloomberg report.
The creditors explained that the TV station defaulted on the payment of $400 million of bonds in 2021, and is negotiating with them, but that a judge had temporarily frozen the payment collection attempts.
TV Azteca’s shares are considered of low marketability and speculative, as they tend to have a low trading volume and when a variation is registered, they tend to show aggressive movements either up or down.
So far this year, TV Azteca shares have accumulated a drop of just over 13% in the stock market.
