1709267971 Salinas Pliego39s intense week lawsuits with his investors abroad and

Salinas Pliego's intense week: lawsuits with his investors abroad and with López Obrador | Business

Salinas Pliego39s intense week lawsuits with his investors abroad and

This has been an intense week for Mexico's third richest man. Ricardo Salinas Pliego suffered a downgrade of the credit rating of his telecommunications company Total Play on Wednesday. Just a few days earlier, the Mexican government issued a decree declaring its golf course a nature reserve. The businessman has reacted on social networks to this and other topics that keep him in the headlines.

On Wednesday afternoon, Fitch Ratings lowered the rating of Total Play's international market-listed dollar bonds from B- to CCC+, meaning they moved from being classified as “highly speculative” to “significant credit risk.” The agency's statement notes that the decision was made after trade media reported that the company had reached an agreement with a group of bondholders holding $213 million to extend the maturity from 2025 to 2028 . This means that the remaining bondholders remain excluded from the agreement. in a more vulnerable position in the event of the company's insolvency.

“Fitch views the private exchange negatively as it did not include an unconditional offer to all bondholders,” the venture firm added in its statement. “The $213.5 million private exchange reduces, but does not eliminate, refinancing risks. Total Play's financial flexibility is limited and the company remains exposed to the risk of the remaining 361.5 million. Total Play expects to refinance an additional $1 billion in bonds that mature next month. Total Play is not the only Grupo Salinas company facing a credit crisis. Salinas Pliego has refused to pay interest on the debt that his television station TV Azteca owes to investors in New York.

A few days earlier, on Tuesday, the federal government published a decree in the Official Gazette of the Federation declaring a natural reserve a golf course in Oaxaca, currently operated by Salinas Pliego under a concession. On this subject, Salinas Pliego said on social networks: “They said that they are going to take away a golf course from me (that never belonged to me) and that I will hand it over when the concession expires.” Get to work and stop attacking those of us who support you with our taxes.” The 68-year-old businessman is the seventh richest in Latin America, according to Forbes magazine, and has 1.7 million followers on his X account.

The government of President Andrés Manuel López Obrador has challenged in court a payment of 26,000 million pesos in taxes owed by Grupo Salinas companies, which include the Elektra and Banco Azteca stores. The president assured Thursday that his government had won the ruling in question, but the company appealed.

Subscribe here Subscribe to the EL PAÍS México newsletter and receive all the important information on current events in this country

Subscribe to continue reading

Read without limits