TV Azteca is one of the most important television stations in Mexico and has been so for almost 30 years of history. However, the company is now in real trouble, as creditors have requested that the company declare bankruptcy due to millions in debts.
Recently, 3 creditors of TV Azteca made an involuntary request for the company to enter Chapter 11 of the US Bankruptcy Code. Its objective is to claim debts for $63.315 million dollars.
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The application was filed in the Bankruptcy Court for the Southern District of New York by Planisfer Investments SICAV – Destination Value Total Return (for $11.6 million USD); Cyrus Opportunities Master Fund II, Ltd. ($27.4 million) and Sandpiper Limited ($24.2 million). These creditors have been seeking to collect their money since last year and it was in the last quarter that they decided to take the case to court.
This news has not gone down well with the shares of TV Azteca. This morning its shares were trading at $0.70 MXN, which represents a 5.53% drop compared to the previous day. So far this year, the company’s shares have contracted just over 14%.
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A news that could affect esports
At the moment it is unknown how this situation will be resolved; however, it is delicate news for esports in Mexico.
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We say this since, in recent years, TV Azteca has invested considerably in esports. In fact, in 2020 they inaugurated the first Arena completely dedicated to esports in Latin America. In addition, the company broadcasts international gaming tournaments such as League of Legends, Counter-Strike: Global Offensive and FIFA.
What do you think about this new? Do you think this situation will severely affect esports in Mexico? Tell us in the comments.
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