Tv Azteca Faces Crossroads Financial Challenges and Restructuring Amidst Legal Battles

 

Tv Azteca, a prominent media company, finds itself embroiled in a deepening crisis, while National Soft, a Mexican software company, looks to forge a new path of growth and expansion.

Tv Azteca's Financial Turmoil

Tv Azteca faces significant financial challenges, with mounting difficulties impacting its operations. The company has been unable to meet its interest obligations since February 2021, arising from the issuance of 400 million dollars in senior notes. This non-payment totals a staggering 82.5 million dollars, raising concerns about the company's financial stability. In addition, Tv Azteca's shares have experienced a sharp decline, losing 37 percent of their value since January 6. These financial setbacks have created a state of uncertainty and raised questions about the company's future.

Compounding Tv Azteca's woes, negotiations with holders in the United States, who have filed for bankruptcy, have added further complexity to the situation. The company's debt burden, amounting to 9,449 million pesos at the close of 2022, further highlights the scale of the financial challenges it faces. To make matters worse, various trials and claims against Tv Azteca have reached a substantial sum of 5,487 million pesos, while tax disputes have surpassed a staggering 7,918 million pesos. These legal battles and financial disputes only serve to exacerbate the company's already dire situation.

Leadership Changes and Uncertainty

In the midst of this crisis, Tv Azteca has undergone significant leadership changes. Ricardo Benjamín Salinas Pliego, a prominent figure in the business world, has assumed the role of honorary president for life. Meanwhile, Rafael Rodríguez Sánchez, a lawyer and the general director of Tv Azteca, has taken over the presidency of the board of directors. This transition of power raises questions about the company's direction and the measures being taken to address the current challenges.

However, Tv Azteca's board of directors is facing its own set of challenges. The company's bylaws stipulate that the board can consist of a maximum of 21 members. However, the current board comprises only five members, four of whom are lawyers, including Mauricio Zarza Cerecer, Vice President of Gastelum Abogados, and Jordi Oropeza Solórzano, founding partner of Oropeza Abogados. The limited composition of the board raises concerns about the diversity of expertise and the capacity to address the multifaceted issues facing the company.

A New Era for National Soft

While Tv Azteca grapples with its crisis, National Soft, a Mexican software company, is poised for a fresh start. The company has secured a majority investment agreement from Duhau Capital, an investment fund, signaling a new phase of growth and opportunity. Backed by 18 national and international investors, including prominent Mexican companies like Grupo Bafar and investment funds like Peterson Partners, Cerralvo Capital, and Relay Investments, Duhau Capital brings valuable support to National Soft's ambitions.

National Soft, founded in 2001 in Mérida, Yucatán, has established itself as a leader in the restaurant sector, thanks to its flagship product, Soft Restaurant. This specialized point-of-sale software has gained recognition for being the most equipped and specialized solution available. National Soft offers a comprehensive suite of services, ranging from administrative support to commercial operations, providing its clients with a holistic solution.

Under the leadership of Alonso Alcocer and Santiago Estévez, National Soft's new co-directors, the company aims to expand its branch network into previously unexplored regions of Mexico