TV Azteca debt restructuring and insolvency proceedings

TV Azteca is undergoing significant financial restructuring amid massive debt. In March 2026, the broadcaster pledged 157 television program brands and sports properties, including Mazatlán FC, as collateral to secure a 5 billion peso loan from Alter Bank LTD, a Saint Lucia-based institution. This collateral was valued at over 17 billion pesos, while the company’s total debts were reported to exceed 23 billion pesos.

By September 2026, TV Azteca filed for Chapter 15 bankruptcy protection in a New York court to recognize insolvency proceedings initiated in Mexico. The company seeks to restructure nearly 24 billion pesos in debt, including litigation involving 630 million dollars in unpaid debt bonds from 2021. The case has been assigned to Judge Lisa G. Beckerman. Creditors have raised concerns regarding the legality of a 290 million dollar loan negotiated with Alter Bank LTD just five weeks before the Mexican insolvency filing, alleging the financing was fraudulent and granted preferential treatment. Furthermore, creditors have alleged that TV Azteca moved its broadcasting concessions to a subsidiary, TV Azteca III, which remains excluded from the insolvency proceedings.

In late September 2026, five subsidiaries, including the online casino operator Ganador Azteca, filed for voluntary bankruptcy protection (concurso mercantil). These entities include Ganador Azteca SAPI, Operadora Ganador TV Azteca, Servicios y Mantenimiento del Futuro en Televisión, Lasimex, and Inmobiliaria Roca del Pedregal. The proceedings for these subsidiaries were transferred to Judge Tessy del Rocío Covarrubias, who is also overseeing the parent company. The bankruptcy filing poses risks to Ganador Azteca, as federal regulations may allow for the extinction of gaming permits for companies declared in bankruptcy.