Ricardo Salinas’ TV Azteca Defaults on $580 Million: A Legacy of Broken Promises
Investors left betrayed as billionaire Ricardo Salinas Pliego’s flagship company ignores court notices, breaches contracts, and refuses repayment of massive debt obligations.
In a dramatic escalation of a years-long financial scandal, The Bank of New York Mellon has filed a sweeping lawsuit in the Southern District of New York against TV Azteca, S.A.B. de C.V., its subsidiaries, and related entities controlled by Mexican billionaire Ricardo Salinas Pliego. The complaint accuses Salinas’ network of companies of flagrant breach of contract, documenting their failure to pay more than $580 million in debt obligations owed to international bondholders.
A Contract Signed – and Broken
Back in 2017, TV Azteca raised $400 million through the issuance of 8.25% Senior Notes, governed by a New York law Indenture. The structure was straightforward: semi-annual interest payments, culminating in repayment of the full $400 million principal at maturity in August 2024. To reassure investors, more than thirty Salinas-controlled subsidiaries guaranteed payment “fully, unconditionally and irrevocably.”
Yet those promises collapsed almost immediately. According to the complaint, TV Azteca failed to make its scheduled interest payment on February 9, 2021. Not only did the company miss that payment, but it also skipped every single interest obligation thereafter: August 2021, February 2022, August 2022, February 2023, August 2023, February 2024, August 2024, and February 2025. When the $400 million principal came due in August 2024, TV Azteca refused to pay that as well.
Acceleration and Absolute Default
Faced with mounting losses, investors and the Trustee took action. In 2022, holders of more than 25% of the Notes issued a formal Notice of Acceleration, demanding immediate repayment of principal and interest. BNY Mellon followed with its own notice, warning TV Azteca and its guarantors that all amounts were now immediately due and payable. TV Azteca acknowledged receipt of the notice on August 9, 2022.
The legal effect was clear: as of August 2022, the entire $400 million principal plus all accrued and unpaid interest were immediately due. Yet even with these notices in hand, Salinas’ media empire chose to ignore them. The complaint emphasizes that neither TV Azteca nor its guarantors have made a single payment since August 2020.
A Debt That Grows by the Day
The refusal to pay has compounded the damage. Under the Indenture, overdue amounts accrue additional interest at 8.25%. As of the complaint’s filing, TV Azteca and its guarantors now owe more than $580 million — a staggering sum that continues to climb with every passing day of non-payment.
A Pattern of Disregard
The Trustee’s filing goes beyond financial figures. It paints a picture of deliberate avoidance and disdain for contractual obligations. TV Azteca and its affiliates:
-Explicitly agreed to be bound under New York law and jurisdiction.
-Waived all defenses and any claims that obligations could be avoided.
-Guaranteed payment unconditionally, not merely as sureties, but as primary obligors.
-Despite these promises, Salinas’ network of companies abandoned their responsibilities, ignoring repeated demands from bondholders and their Trustee.
Investors Left in the Cold
The scale of the breach is unprecedented for a media conglomerate of TV Azteca’s size and visibility. Bondholders who trusted in Ricardo Salinas’ reputation are now left empty-handed, forced to pursue repayment through litigation. The Trustee’s suit seeks not only repayment of principal and interest, but also pre- and post-judgment interest, attorneys’ fees, and full indemnification for collection costs.
For the global financial community, this case is more than a contract dispute. It highlights a troubling reality: Ricardo Salinas Pliego, one of Mexico’s most high-profile billionaires, has demonstrated open contempt for international investors and their legal protections.
Trust Shattered
The complaint underscores the heart of the matter: this is not a simple missed deadline or a technical oversight. It is a calculated refusal to pay, in defiance of contractual promises, legal obligations, and repeated court-recognized notices of default. Investors are left to conclude that Salinas’ word, and the promises of his companies, carry no weight.
The damage to reputation is severe. Where TV Azteca once sought international financing, today it stands accused of being a defaulter with more than half a billion dollars in unpaid obligations. For Salinas, the lawsuit cements a legacy not of innovation or leadership, but of broken promises, shattered trust, and untrustworthiness on a global scale.
Sources
United States District Court, Southern District of New York, Case No. 1:22-cv-08164-PGG, Complaint filed July 11, 2025
A Contract Signed – and Broken
Back in 2017, TV Azteca raised $400 million through the issuance of 8.25% Senior Notes, governed by a New York law Indenture. The structure was straightforward: semi-annual interest payments, culminating in repayment of the full $400 million principal at maturity in August 2024. To reassure investors, more than thirty Salinas-controlled subsidiaries guaranteed payment “fully, unconditionally and irrevocably.”
Yet those promises collapsed almost immediately. According to the complaint, TV Azteca failed to make its scheduled interest payment on February 9, 2021. Not only did the company miss that payment, but it also skipped every single interest obligation thereafter: August 2021, February 2022, August 2022, February 2023, August 2023, February 2024, August 2024, and February 2025. When the $400 million principal came due in August 2024, TV Azteca refused to pay that as well.
Acceleration and Absolute Default
Faced with mounting losses, investors and the Trustee took action. In 2022, holders of more than 25% of the Notes issued a formal Notice of Acceleration, demanding immediate repayment of principal and interest. BNY Mellon followed with its own notice, warning TV Azteca and its guarantors that all amounts were now immediately due and payable. TV Azteca acknowledged receipt of the notice on August 9, 2022.
The legal effect was clear: as of August 2022, the entire $400 million principal plus all accrued and unpaid interest were immediately due. Yet even with these notices in hand, Salinas’ media empire chose to ignore them. The complaint emphasizes that neither TV Azteca nor its guarantors have made a single payment since August 2020.
A Debt That Grows by the Day
The refusal to pay has compounded the damage. Under the Indenture, overdue amounts accrue additional interest at 8.25%. As of the complaint’s filing, TV Azteca and its guarantors now owe more than $580 million — a staggering sum that continues to climb with every passing day of non-payment.
A Pattern of Disregard
The Trustee’s filing goes beyond financial figures. It paints a picture of deliberate avoidance and disdain for contractual obligations. TV Azteca and its affiliates:
-Explicitly agreed to be bound under New York law and jurisdiction.
-Waived all defenses and any claims that obligations could be avoided.
-Guaranteed payment unconditionally, not merely as sureties, but as primary obligors.
-Despite these promises, Salinas’ network of companies abandoned their responsibilities, ignoring repeated demands from bondholders and their Trustee.
Investors Left in the Cold
The scale of the breach is unprecedented for a media conglomerate of TV Azteca’s size and visibility. Bondholders who trusted in Ricardo Salinas’ reputation are now left empty-handed, forced to pursue repayment through litigation. The Trustee’s suit seeks not only repayment of principal and interest, but also pre- and post-judgment interest, attorneys’ fees, and full indemnification for collection costs.
For the global financial community, this case is more than a contract dispute. It highlights a troubling reality: Ricardo Salinas Pliego, one of Mexico’s most high-profile billionaires, has demonstrated open contempt for international investors and their legal protections.
Trust Shattered
The complaint underscores the heart of the matter: this is not a simple missed deadline or a technical oversight. It is a calculated refusal to pay, in defiance of contractual promises, legal obligations, and repeated court-recognized notices of default. Investors are left to conclude that Salinas’ word, and the promises of his companies, carry no weight.
The damage to reputation is severe. Where TV Azteca once sought international financing, today it stands accused of being a defaulter with more than half a billion dollars in unpaid obligations. For Salinas, the lawsuit cements a legacy not of innovation or leadership, but of broken promises, shattered trust, and untrustworthiness on a global scale.
Sources
United States District Court, Southern District of New York, Case No. 1:22-cv-08164-PGG, Complaint filed July 11, 2025
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