Astor Asset Management 3 Ltd Issues Amended Notice of Default Detailing Extensive Breaches of Loan Agreement
VANCOUVER, BC / ACCESS Newswire / April 23, 2025 / Astor Asset Management 3 Ltd has issued a formal and updated Notice of Default against Mexican businessman Ricardo Benjamin Salinas Pliego, Chairman of Grupo Elektra, for multiple and repeated violations of a $110 million USD secured loan agreement. The official Seventh Amended Notice of Default, dated March 16, 2025, is attached to this release in full.
The notice outlines a detailed history of missed interest payments, failure to pay maintenance and custodian fees, unpaid taxes, other outstanding debts, and failure to disclose material information affecting the lender's position. It further documents allegations of share price manipulation by Mr. Salinas and references his past securities fraud charge by the United States Securities and Exchange Commission (SEC).
Key Grounds for Default:
Over Two Dozen Missed Payments: Between 2022 and 2024, interest payments were missed more than two dozen times. Some amounts were paid only after extended delays and pressure from the lender.
Unpaid Maintenance and Custodian Fees: Mr. Salinas repeatedly failed to pay required fees set out in the loan agreement, constituting independent Events of Default.
Material Non-Disclosure: Grupo Elektra's threatened asset confiscation by Mexican tax authorities was not disclosed to the lender, violating Section III.3 of the agreement and triggering a Material Event under the loan terms.
Obstruction of Loan Enforcement: Attempts by the borrower to undermine the enforceability of the agreement constitute a breach of Section IX.31 of the signed SLA.
Allegations of Stock Price Manipulation: The lender has learned that Mr. Salinas has manipulated the stock price of Grupo Elektra over several years. This behavior, previously undisclosed, poses a direct threat to the integrity of the pledged collateral and further undermines the lender's secured interest.
Historical Fraud Record: The default notice also references Mr. Salinas's 2005 SEC fraud case, in which he personally profited $109 million USD from a concealed fraudulent scheme. This reinforces a documented history of unethical financial conduct.
Unpaid Debts to Third Parties: Mr. Salinas has a history of failing to meet his debt obligations to third-party creditors, as independently uncovered and stated.
Lender Action:
Astor Asset Management 3 Ltd has exercised its contractual right to accelerate the loan, making all outstanding principal, interest, and fees immediately due and payable. The company has directed Mr. Salinas to return funds to designated receiving institutions without delay. These instructions are detailed in the attached notice. To date, Mr. Salinas refuses to repay the loan.
This press release is issued in the interest of transparency and to communicate the lender's official position. It serves to alert relevant stakeholders, financial institutions, and regulators to the seriousness of the default and the ongoing financial risk presented by Mr. Salinas and Grupo Elektra.
The complete Seventh Amended Notice of Default is attached to this release.
For further information, please contact:
Astor Asset Management 3 Ltd
press.inquiries@astorassetgroup.com
+1 888 823 0028
SOURCE: Astor Asset Management 3 Ltd
View the original press release on ACCESS Newswire