— Company reiterates its commitment to continued dialogue with holders of its Senior Notes due 2024 —
MEXICO CITY, Nov. 14, 2023 /PRNewswire/ -- TV Azteca, S.A.B. de C.V. (BMV: AZTECACPO; Latibex: XTZA) (the "Company" or "TV Azteca"), one of the two largest producers of Spanish-language television programming in the world, announced that it has completed court-supervised mediation proceedings with an ad hoc group of unaffiliated holders (the "Holders") of the Company's Senior Notes due 2024 and The Bank of New York Mellon, the trustee under the notes.
For a period of 67 days beginning on September 7, 2023, the Company, the trustee and the Holders participated in a U.S. court-ordered mediation supervised by Retired Bankruptcy Judge Kevin J. Carey. The parties engaged in extensive good faith negotiations and exchanged multiple proposals designed to restructure the 2024 notes. At the conclusion of the mediation, the parties were unable to reach a consensual resolution.
The Company continues to believe that a consensual restructuring of its 2024 notes is in the best interests of all parties and remains committed to continued dialogue with the Holders in an effort to achieve that result.
In connection with the mediation, the Company executed separate confidentiality agreements with each of the Holders and the trustee and provided them with certain non-public information relating to the Company. Pursuant to the confidentiality agreements, the Company agreed to publicly disclose the necessary Cleansing Materials (as defined in the confidentiality agreements) following conclusion of the mediation.
The Cleansing Materials are attached to this press release as Exhibit A. This information is being disclosed, together with this press release, on the following website https://www.irtvazteca.com/es/comunicados-de-prensa to comply with the Company's obligations under the Confidentiality Agreements.
Advisors
Paul, Weiss, Rifkind, Wharton & Garrison LLP served as US legal counsel, Moelis & Company LLC and Alfaro, Dávila y Scherer, S.C. served as financial advisors, and Sainz Abogados, S.C. and Rivera Gaxiola, Kálloi, Fernández, Del Castillo, Quevedo, Lagos y Machuca Abogados served as Mexican legal counsel to the Company.
About TV Azteca
TV Azteca is one of the two largest producers of Spanish-language television programming in the world, operating four television networks in Mexico: Azteca uno, Azteca 7, adn40 and a más +, through more than 300 owned and operated stations across the country. The company also owns TV Azteca Digital, operator of several of the most visited digital platforms and social networks in Mexico.
TV Azteca is a Grupo Salinas company (www.gruposalinas.com), a group of dynamic, fast growing, and technologically advanced companies focused on creating economic value through market innovation and goods and services that improve standards of living; social value to improve community wellbeing; and environmental value by reducing the negative impact of its business activities. Created by Mexican entrepreneur Ricardo B. Salinas (www.ricardosalinas.com), Grupo Salinas operates as a management development and decision forum for the top leaders of member companies. These companies include TV Azteca (www.TVazteca.com; www.irtvazteca.com), Grupo Elektra (www.grupoelektra.com.mx), Banco Azteca (www.bancoazteca.com.mx), Purpose Financial (havepurpose.com), Afore Azteca (www.aforeazteca.com.mx), Seguros Azteca (www.segurosazteca.com.mx), Punto Casa de Bolsa (www.puntocasadebolsa.mx), Totalplay (irtotalplay.mx; www.totalplay.com.mx) and Totalplay Empresarial (totalplayempresarial.com.mx). TV Azteca and Grupo Elektra trade shares on the Mexican Stock Market and in Spains' Latibex market. Each of the Grupo Salinas companies operates independently, with its own management, board of directors and shareholders. Grupo Salinas has no equity holdings. The group of companies shares a common vision, values, and strategies for achieving rapid growth, superior results and world-class performance.
Except for historical information, the matters discussed in this press release are concepts about the future that involve risks and uncertainty that may cause actual results to differ materially from those projected. Other risks that may affect TV Azteca and its subsidiaries are presented in documents sent to the securities authorities.
This release contains forward-looking statements. These forward-looking statements are not based on historical facts, but instead reflect TV Azteca's current expectations regarding future results and events. These forward-looking statements generally can be identified by the use of statements that include verbs and phrases such as "consider," "expect," "anticipate," "intend," "plan," "predict," "it is possible," or other similar words or phrases. Similarly, statements that describe TV Azteca's objectives, plans and goals are or may be forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of TV Azteca to be different from any future results, performance or achievements expressed or contained in these statements.
Investor Relations: |
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Bruno Rangel |
Rolando Villarreal |
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Grupo Salinas |
TV Azteca, S.A.B. de C.V. |
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Tel. +52 (55) 2601-5400, ext. 11502 |
Tel. +52 (55) 2601-5400, ext. 11508 |
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Press Relations: |
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Luciano Pascoe |
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Tel. +52 (55) 1720 1313 ext. 36553 |
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SOURCE TV Azteca, S.A.B. de C.V.
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