Mexico City — The shares of TV Azteca, the second largest television station in Mexico, were suspended on the Mexican Stock Exchange (BMV) on Thursday, according to a statement published by the stock exchange.
The listing of the issuer, with the ticker AZTECACPO, was suspended after exceeding the extemporaneous delivery deadline, according to the BMV.
“The suspension of the listing referred to in this notice may last as long as the issuer does not disclose the missing information, in accordance with the provisions of the applicable provisions,” the BMV stated.
On May 11, TV Azteca, owned by Mexican entrepreneur Ricardo Salinas Pliego, announced that it would not deliver its financial report following the order of a Mexican court in order to avoid causing “uncertainty” following a legal battle undertaken in the US by bondholders in default for $40 million.
According to the BMV’s calendar, listed companies have a deadline of May 3 for the delivery of the first quarter report, but by issuing a late notice, companies have 20 working days to deliver it, which expired on May 31.
On March 21, Planisfer Investments, Cyrus Opportunities Master Fundl and Sandpiper Limited, to which the broadcaster owes $63.3 million, requested the Southern District Court of New York to initiate a Chapter 11 proceeding of the US Bankruptcy Code.
TV Azteca’s shares were considered speculative. In the days prior to the suspension of the shares, the broadcaster had accumulated a contraction of 1.96%. So far this year, they have fallen a little more than 38%; however, the contraction was accentuated on March 21 after the announcement, when they fell to a historic low of 0.48 pesos per share.
