The Mexican Stock Exchange suspends TV Azteca’s stock listing.
The Mexican Stock Exchange (BMV) on Thursday suspended for an indefinite period of time the listing of Tv Azteca, the second largest television station in the country, for not delivering its financial reports in the midst of a conflict with its creditors.
The BMV, based on the Securities Market Law, «suspends, as of today, June 1, 2023, the listing of the securities representing the capital of the broadcaster called TV Azteca, S.A.B. de C.V., identified with the ticker symbol AZTECA,» said the stock exchange in a statement.
The agency’s decision comes after TV Azteca failed to deliver its first quarter financial reports despite having filed an extemporaneous request.
«The suspension of the listing referred to in this notice may last until such time as the issuer does not disclose the missing information, in accordance with the provisions of the applicable provisions,» said the BMV.
The move comes after a group of creditors filed an «involuntary petition» for Chapter 11 bankruptcy of the telecommunications company in the U.S. Bankruptcy Court for the Southern District of New York last March.
The Mexican company then promised to mediate with its passive bondholders for a total of more than US$63 million.
The situation represents a new controversy for the founder of the television company, Ricardo Salinas Pliego, considered the third richest man in Mexico with a fortune of 10.9 billion dollars, according to Forbes magazine.
