Salinas’ TV Azteca Files for Bankruptcy in Mexico, Firm Says (1)

Billionaire Ricardo Salinas Pliego’s broadcaster TV Aztecafiled 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.

Last month, TV Azteca shareholders voted to initiate Mexican bankruptcy proceedings, Grupo Salinas said in a statement posted on social ...