Salinas’ TV Azteca Files for Bankruptcy in Mexico, Firm Says

Billionaire Ricardo Salinas Pliego’s broadcaster TV Azteca filed to initiate Mexican bankruptcy proceedings on Thursday, according to a spokesperson, as the company seeks to bring a battle with creditors over $400 million of defaulted bonds to Mexico.

TV Azteca, known for producing soap operas and reality shows, filed for voluntary bankruptcy protection before a Mexican court to help reorganize its liabilities and strengthen its financial structure, Grupo Salinas spokesperson Luciano Pascoe said in response to questions from Bloomberg News.