TV Azteca Bankruptcy Spreads to 5 Units in Mexico, Including Its Casino Arm
TV Azteca’s bankruptcy now reaches five subsidiaries, including Ganador Azteca, the Bet365 permit holder in Mexico. What it means for users and investors. The post TV Azteca Bankruptcy Spreads to 5 Units in Mexico, Including Its Casino Arm appeared first on The Rio Times .
Five subsidiaries of TV Azteca, including the company with the online-casino permit, have filed for bankruptcy protection in Mexico. This expansion of the broadcaster's financial troubles includes the company holding the Bet365 and Betano gaming permit. The filings, made on September 18, are part of Mexico's court-supervised insolvency process, called "concurso mercantil."
The companies cited insolvency, and a judge has sent the cases to a different judge for handling. TV Azteca itself was declared in concurso mercantil in July.
Ganador Azteca, which holds the federal gaming permit granted in 2018, is the first gaming-permit holder to seek concurso mercantil since 2010. The company owes players 245 million pesos (about US$13.9 million) in deposits, which grew by 42% between 2023 and 2024. Gamblers holding a balance on either platform should keep records of their accounts and transactions, as the court ranks creditors' claims in a concurso mercantil.
The insolvency filings pose a second risk, as Mexico's gaming regulations extinguish a permit once its holder is declared in concurso mercantil. If Ganador Azteca is declared in concurso mercantil, its permit would be suspended. The case is currently in a conciliation stage, where the company negotiates with creditors, and a ruling on the five subsidiaries' insolvency is pending.
TV Azteca has requested recognition of its Mexican case in a New York bankruptcy court to prevent creditors from pursuing it separately in the United States.
Written by urgent.news from The Rio Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
