Grupo Salinas has reported that the vulture funds Cyrus Capital Partners and Contrarian Capital Management are trying to exert undue pressure on the Mexican state. In a statement, the company pointed out that the funds seek to cast themselves as victims after suffering defeats in U.S. courts and are attempting to abuse tools designed for legitimate business people and investors in the United States. Grupo Salinas reiterated its commitment to reach an agreement with the bondholders of TV Azteca that reflects the current reality of the industry and protects investors, employees, and operations.
"These vulture funds, which do not contribute to building prosperous societies, in their desperation, intend to abuse tools designed for business people and investors with legitimate interests in the United States. Both funds are based in tax havens and are trying to attack Mexican justice, unfoundedly involving the Mexican government," affirmed the conglomerate of Ricardo Salinas Pliego.
According to recent reports, the U.S. funds Cyrus Capital Partners and Contrarian Capital Management have initiated arbitration against Mexico under the USMCA, claiming that TV Azteca has defaulted on a $400 million debt since 2021 due to the effects of the pandemic. The investors argue that Mexico has abused its judicial system to benefit TV Azteca, allowing a ruling that exempts the company from paying until the WHO declares the end of the pandemic.
This situation has generated a conflict involving the use of international courts and could have significant repercussions for Mexico's trade relations under the USMCA. Grupo Salinas has stated that it is committed to the sustainability of its operations and finding realistic solutions that protect all parties involved.
