America’s major television networks NBC, CBS, ABC, and Fox have never filed for bankruptcy protection in their existence, though a few smaller cable networks have filed petitions.
The most significant recent network bankruptcy filing was TV personality Dr. Phil McGraw’s Merit Street Media Inc., which filed for Chapter 11 protection to reorganize on July 2, 2025, RK Consultants reported.
Television shopping network QVC Group Inc. has discussed the possibility of a Chapter 11 bankruptcy filing but has not filed a petition yet, Bloomberg reported.
TV Azteca files for bankruptcy protection
And now, Mexico’s second-largest television network, TV Azteca, filed for bankruptcy protection in the First Bankruptcy Court in Mexico City, case No. 22/2026, on March 10, known as a consurso mercantil filing, seeking to reorganize its business, facing a $1.7 billion Mexican tax settlement in installments and a lawsuit regarding its $400 million default on unsecured notes.
Mexico’s leading television network is Televisa, which has not filed for bankruptcy.
TV Azteca, whose petition was formally admitted to the Mexican court on March 20, may soon seek Chapter 15 protection in a U.S. Bankruptcy Court if a Mexican bankruptcy court approves the debtor’s restructuring plan, according to a report from U.S. law firm Snell & Wilmer.
“As a result, the TV Azteca concurso mercantil proceeding could become an important test of how far foreign insolvency proceedings may affect creditors’ rights, guaranty enforcement, and pending litigation in the U.S.,” Snell & Wilmer attorneys Gonzalo Bugeda Salido and Steven D. Jerome, wrote in the report.
“For creditors, investors, and restructuring professionals, the case warrants close attention as a potentially consequential development in cross-border insolvency practice between Mexico and the U.S.,” the attorneys wrote.
Under a settlement with Mexican tax authorities, TV Azteca agreed to pay $1.7 billion in 18 installments, with the first installment on Jan. 29, 2026, exceeding $500 million.
Network stopped making note payments
TV Azteca also secured $400 million of unsecured notes in 2017 with indenture trustee Bank of New York Mellon, which was guaranteed by 34 of the debtor’s subsidiaries. The notes would have been due in 2024, but TV Azteca stopped making payments in February 2021 during the Covid-19 pandemic.
Holders of over 25% of the principal amount of the notes in May 2022 filed a notice of acceleration against TV Azteca based on a default, but the network in July 2022 sought declaratory relief to invalidate the notice of acceleration, the report said.
The network also obtained an injunction prohibiting the noteholders from pursuing proceedings to collect the unpaid principal on the notes.
TV Azteca and its bank battle in court
Bank of New York Mellon filed a motion for summary judgment in lieu of complaint against TV Azteca and the 34 subsidiaries, alleging default under the notes and removing the case to the U.S. District Court for the Southern District of New York.
TV Azteca answered Bank of New York’s motion with a complaint against the bank in a Mexico City court in September 2022, seeking declaratory relief that the notice of acceleration was unenforceable, arguing that performance under the notes was impossible because of the Covid pandemic.
Involuntary Chapter 11 cases dismissed
Certain noteholders filed involuntary Chapter 11 petitions against TV Azteca in the U.S. Bankruptcy Court for the Southern District of New York in March 2023, which were dismissed. In June 2024, the bank filed a motion in the U.S. District Court enjoining TV Azteca from pursuing claims in Mexico related to the notes, which was granted in September 2025.
After TV Azteca filed for bankruptcy in Mexico, Bank of New York asked the district court to allow its case to proceed unless the network obtains a stay in a U.S. court.
Court determining TV Azteca’s insolvency
First Bankruptcy Court of Mexico City entered an initial stay, granted measures to protect TV Azteca’s assets, and ordered the appointment of a visitor to determine if TV Azteca meets insolvency requirements under Mexican law.
If it determines the network is insolvent, the debtor will enter the conciliation phase, at which time TV Azteca will try to negotiate substantial reductions in creditor claims to avoid liquidation, the Snell & Wilmer report said.
The First Bankruptcy Court of Mexico City case will test whether Mexican bankruptcy law can be used to restructure not only TV Azteca’s domestic obligations, but also its foreign liabilities and those of its subsidiary guarantors, the report said.
Related: Another award-winning brewery files for Chapter 11 bankruptcy
