The group, which is controlled by Mexican business magnate Ricardo Salinas Pliego, had postponed a coupon payment on the notes which was due in February 2021, citing a difficult media landscape aggravated by the coronavirus pandemic.
TV Azteca said in a Mexican stock exchange release that it had received the notification from Bank of New York Mellon, trustee for the noteholders.
"The company has maintained a dialogue with the holders of the 2024 notes in order to reach a favorable agreement for all parties," TV Azteca said.
Bank of New York Mellon did not immediately respond to a request for comment on the notification.
TV Azteca said in the statement that over the last 18 months it had amortized 3.347 billion pesos ($165 million) of its debt, strengthened its capital structure and endorsed its "commitment to maintain strategic, financial and operational soundness."
($1 = 20.2875 Mexican pesos)
(Reporting by Kylie Madry; Editing by Stefanie Eschenbacher and Alexander Smith)
