In light of the challenges of a dynamic industry, the transformation of the advertising ecosystem, the growth of the digital world, the pressure resulting from license payments in 2018, the impact of COVID-19, and the full payment of taxes to the SAT this year, shareholders approved the reorganization of its liabilities through a voluntary commercial bankruptcy proceeding.
This strategy will enable the company to ensure the long-term continuity of its operations and remain close to its audiences, employees, and clients.
In addition to the international environment, the company faced significant financial challenges: from the disbursement of more than 3.8 billion pesos for licenses in 2018, to the COVID-19 pandemic, which impacted advertising investment and affected sales.
Likewise, in 2021, a responsible process began to reorganize its financial commitments, including its foreign currency debt. Since then, the company has prioritized dialogue in order to reach a fair agreement consistent with the circumstances it is facing.
Adding to the above was the payment of taxes to Mexico’s Tax Administration Service (SAT) this past January, which was settled in full, representing another significant financial impact.
Given this complex scenario, a series of decisive strategies and actions are required to strengthen its finances and comprehensively restructure its liabilities. Therefore, as part of the resolutions adopted at today’s Extraordinary General Shareholders’ Meeting, the corporate, operational, and financial reorganization of the company and its subsidiaries was approved through a voluntary commercial bankruptcy proceeding, the filing of which will be submitted in the coming days.
Regarding this legal mechanism, Rafael Rodríguez Sánchez, CEO of TV Azteca, commented: “The commercial bankruptcy process allows, under court supervision, for the structured and equitable reorganization of a company’s liabilities in accordance with its payment capacity. It is a last-resort tool aimed at preserving the company’s value, ensuring the continuity of its operations, and facilitating the orderly fulfillment of its obligations without interrupting its functioning, demonstrating a responsible decision by the company.”
TV Azteca reaffirms its commitment to strengthening its financial and operational efficiencies, with the goal of ensuring its strong capacity to generate and produce high-quality, relevant content that will allow it to continue accompanying Mexico across the vast multiplatform world over the long term.
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