Mexico's Secretariat of Economy said the International Centre for Settlement of Investment Disputes (ICSID) ruled that US funds Cyrus Capital Partners and Contrarian Capital Management could not be considered investors and did not have a protected investment under the North American Free Trade Agreement (NAFTA), and therefore concluded that it lacked jurisdiction to hear the case.
The tribunal also ordered the funds to pay Mexico a “considerable” amount for arbitration expenses and costs, although it did not specify the amount.
With the decision, TV Azteca postpones payment of the US$219 million involved in the claim, which it has owed since 2023, when it decided not to repay the debt arising from a corporate bond issuance.