MEXICO CITY - TV Azteca received notice of the intention for early expiry by holders of $400 million in notes, which are due to mature in 2024, according to the Mexican media group.
The group, which is controlled by Mexican business magnate Ricardo Salinas Pliego, had canceled a coupon payment on the notes due in February 2021, citing a difficult media landscape exacerbated by the coronaviruses epidemic.
TV Azteca received a notification from the Bank of New York Mellon, trustee for the noteholders, according to a Mexican stock exchange release.
TV Azteca said that the company has maintained a dialogue with the holders of the 2024 notes in order to reach a favorable agreement for all parties.
The Bank of New York Mellon did not respond to a request for comment on the notification.
TV Azteca said over the last 18 months it had amortized 3.347 billion pesos $165 million of its debt, strengthened its capital structure and endorsed its commitment to maintain strategic, financial and operational soundness.