TV Azteca Declares Insolvency, Will File for Voluntary Bankruptcy Proceedings
This article by Miguel Ángel Ensástigue originally appeared in the February 27, 2026 edition of El Sol de México.
After eight years of trying to get its finances in order, TV Azteca, owned by Mexican businessman Ricardo Salinas Pliego, will file for voluntary bankruptcy as part of a strategy to reorganize its liabilities and strengthen its financial position.
The company announced in a statement that the decision was approved at its extraordinary general meeting of shareholders and that the application will be submitted in the coming days, with the aim of carrying out a corporate , operational and financial reorganization , both of the company and its subsidiaries.
The statement explained that in recent years he has faced adverse situations such as the evolution of the advertising market and the emergence of the digital ecosystem, in addition to financial pressures derived from the disbursement of more than 3.8 billion pesos for the payment of licenses in 2018 ; also the impact of the pandemic on advertising investment and recently, the total settlement of its tax obligations before the Tax Administration Service (SAT).
José Tamez Villarreal, general director of the firm Global Legal Services ( GLS ), explained to El Sol de México that when a company requests voluntary bankruptcy proceedings, it is acknowledging its insolvency, and therefore requires court protection to stop debt collection and renegotiate its obligations.
“These measures act as a legal shield that allows the company to operate without the constant threat of seizures or service interruptions. Under the judge’s supervision, payment of obligations that were due before the date of admission is prohibited.”
He indicated that “this respite” is fundamental to ensuring the operational continuity of TV Azteca, that is, that it keeps its signals on the air and complies with the payment of payroll and critical suppliers, “which is of vital importance given the public service nature of broadcasting concessions.”
Guadalupe Hinojosa, an expert in bankruptcy proceedings, added that if insolvency is proven, bankruptcy proceedings are initiated and the conciliation phase begins, where debt reductions or restructurings are negotiated. Only if an agreement is not reached can the process lead to bankruptcy and the orderly liquidation of assets.
Hinojosa commented that during the bankruptcy proceedings the company operates under judicial supervision and with clear restrictions to protect the bankruptcy estate, which implies limits on the disposal of assets and greater oversight of its management.
According to Tamez Villarreal, the possibility that another company or group of investors might decide to “save TV Azteca” is one of the most complex dynamics of Mexican bankruptcy law.
“This intervention can manifest itself through various figures, with the ‘White Knight’ being the most emblematic. A White Knight is a friendly investor who, faced with the threat of a hostile takeover or imminent liquidation, offers an acquisition proposal or capital injection that is more favorable to the current management and employees of the bankrupt company.”
Since 2023, the television network has faced an international lawsuit with investment funds in the United States for the non-payment of bonds amounting to almost $63.3 million.
This group of creditors, made up of Plenisfer Investments SICAV-Destination Value Total Return, from Luxembourg; the US-based Cyrus Opportunities Master Fund II Ltd and Sandpiper Limited, from Grand Cayman, also asked the company to declare bankruptcy under Chapter 11 of the United States.
Furthermore, in January of this year, the Grupo Salinas conglomerate reached an agreement with the SAT to cover tax debts totaling 32 billion 132 million 897 thousand 658 pesos , after more than two decades of litigation.
In a separate statement, Rafael Rodríguez Sánchez, CEO of TV Azteca, affirmed that the bankruptcy proceedings will allow the company to organize its liabilities without affecting its operations.
According to the executive, this is a last resort tool that seeks to preserve the company’s value, ensure the continuity of its operations, and facilitate the orderly fulfillment of its obligations without interrupting its functioning.
Rodríguez Sánchez added that the company will continue to operate normally and that this measure is part of a strategic decision to strengthen its financial stability.
“Today we are taking a strategic step to strengthen our financial stability and ensure the continuity of operations . This legal recourse allows us to comprehensively restructure the company’s liabilities under judicial supervision, strengthen our financial structure, and preserve operations and assets,” he stated.
-
Concessions, Concessions, Concessions
The yet-to-be-disclosed 200 mining concessions voluntarily returned to the Mexican state represent less than 1% of the 22,000 currently active, while questions remain about the government’s new strategy.
-
People’s Mañanera February 27
President Sheinbaum’s daily press conference, with comments on electoral reform, labour poverty, 80% of weapons seized originate in US, Sinaloa homicide reduction, and addressing root causes of crime.
-
Mexico’s Filthy Rich
Less than 8 pesos out of every 100 that the rich earn thanks to our collective effort returns to the economy in the form of investment. They are rentiers, clinging to their inherited fortunes, their connections to political & academic power & they extort the State when it threatens even the crumbs they refuse to give us.
