Arbitral Digest

Matter

Cyrus Capital Partners, L.P. and Contrarian Capital Management, LLC v. United Mexican States (ICSID Case No. ARB/23/33)

ICSID arbitration against Mexico over court restraints on enforcing TV Azteca notes, investment managers' standing and legacy investments under NAFTA and USMCA.

  • Investor-state arbitration
  • Jurisdiction and arbitration agreements
Case no.
ARB/23/33
Industry type
Financial and insurance activities
Applicable rules
ICSID Arbitration Rules in force as of July 1, 2022

Procedural record

  1. 27 September 2022Mexico

    27 September 2022Mexico

    Injunction dated 27 September 2022 concerning TV Azteca notes

    Decision summary
    The court granted TV Azteca an injunction relieving it of obligations to continue payments on the notes and prohibiting proceedings to enforce rights and remedies concerning them.

    Participants

    TV Azteca, S.A.B. de C.V.

    1 year, 6 months and 7 days later · 554 days

  2. 3 April 2024Arbitration

    3 April 2024Arbitration

    Procedural Order No. 1

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Tribunal adopted the procedural rules and timetable for the arbitration, including arrangements concerning the Tribunal's constitution, representation, place of proceeding, procedural languages, document production, and hearings.

    Participants

    Cyrus Capital Partners, L.P.
    Contrarian Capital Management, LLC
    United Mexican States
    International Centre for Settlement of Investment Disputes
    Arbitrator
    Lord Collins of Mapesbury
    Arbitrator
    David J.A. Cairns
    Arbitrator
    Zachary Douglas
    Tribunal secretary
    Veronica Lavista

    Authorities cited

    3
    • Convention on the Settlement of Investment Disputes between States and Nationals of Other States (ICSID Convention)
      treaty
    • ICSID Arbitration Rules in force as of July 1, 2022
      rules
    • North American Free Trade Agreement (NAFTA 1994)
      treaty
  3. 3 April 2024Arbitration

    3 April 2024Arbitration

    Procedural Order No. 2 on Transparency and Confidentiality

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Tribunal adopted the parties' transparency and confidentiality regime, defining covered documents, confidential information, redaction procedures, and publication arrangements.

    Participants

    Cyrus Capital Partners, L.P.
    Contrarian Capital Management, LLC
    United Mexican States
    International Centre for Settlement of Investment Disputes
    Arbitrator
    Lord Collins of Mapesbury
    Arbitrator
    David J.A. Cairns
    Arbitrator
    Zachary Douglas

    Authorities cited

    2
    • NAFTA Free Trade Commission Note of Interpretation of Certain Chapter 11 Provisions (July 31, 2001 Note of Interpretation)
      treaty
    • North American Free Trade Agreement (NAFTA 1994)
      treaty

    4 months and 17 days later · 139 days

  4. 20 August 2024Arbitration

    20 August 2024Arbitration

    Procedural Order No. 3 Revised Procedural Calendar

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Tribunal approved the parties' agreed extension and adopted a revised procedural calendar.

    Participants

    International Centre for Settlement of Investment Disputes
    Arbitrator
    Lord Collins of Mapesbury
    Arbitrator
    David J.A. Cairns
    Arbitrator
    Zachary Douglas

    3 months and 28 days later · 120 days

  5. 18 December 2024Arbitration

    18 December 2024Arbitration

    Procedural Order No. 4 Document Production

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Tribunal decided the parties' document production requests in the attached Redfern schedules and stated that those rulings did not decide the jurisdictional objections or the merits.

    Participants

    International Centre for Settlement of Investment Disputes
    Arbitrator
    Lord Collins of Mapesbury
    Arbitrator
    David J.A. Cairns
    Arbitrator
    Zachary Douglas

    Authorities cited

    2
    • IBA Rules on the Taking of Evidence in International Arbitration (IBA Rules 2020)
      rules
    • ICSID Arbitration Rules in force as of July 1, 2022
      rules

    28 days later · 28 days

  6. 15 January 2025Arbitration

    15 January 2025Arbitration

    Procedural Order No. 5 Revised Procedural Calendar

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Tribunal approved a further agreed extension and adopted a revised procedural calendar, including dates for the jurisdictional hearing.

    Participants

    International Centre for Settlement of Investment Disputes
    Arbitrator
    Lord Collins of Mapesbury
    Arbitrator
    David J.A. Cairns
    Arbitrator
    Zachary Douglas

    2 months and 18 days later · 77 days

  7. 2 April 2025Arbitration

    2 April 2025Arbitration

    Procedural Order No. 6 Revised Procedural Calendar

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Tribunal adopted the revised procedural calendar agreed after extensions to the Respondent's Reply on Jurisdiction and the remaining deadlines.

    Participants

    International Centre for Settlement of Investment Disputes
    Arbitrator
    Lord Collins of Mapesbury
    Arbitrator
    David J.A. Cairns
    Arbitrator
    Zachary Douglas

    6 months and 26 days later · 209 days

  8. 28 October 2025Arbitration

    28 October 2025Arbitration

    Procedural Order No. 7 on Hearing Organization

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Tribunal set the organization of the jurisdictional hearing, including an in-person hearing in Washington, D.C. from November 5 to November 6, 2025, with remote participation arrangements and related procedural requirements.

    Participants

    International Centre for Settlement of Investment Disputes
    Arbitrator
    Lord Collins of Mapesbury
    Arbitrator
    David J.A. Cairns
    Arbitrator
    Zachary Douglas
    Tribunal secretary
    Patricia Rodriguez Martin

    8 days later · 8 days

  9. 5 November 2025Arbitration

    5 November 2025Arbitration

    Procedural Order No. 8 Claimants' Request for a Suspension of the Proceeding

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Tribunal dismissed the Claimants' request to suspend the proceeding, holding that negotiations, the cited United States court order, and the pendency of awards in other proceedings did not justify suspension.

    Participants

    Cyrus Capital Partners, L.P.
    Contrarian Capital Management, LLC
    United Mexican States
    International Centre for Settlement of Investment Disputes
    Arbitrator
    Lord Collins of Mapesbury
    Arbitrator
    David J.A. Cairns
    Arbitrator
    Zachary Douglas
    Tribunal secretary
    Patricia Rodriguez Martin

    Authorities cited

    2
    • ICSID Arbitration Rules in force as of July 1, 2022
      rules
    • Ruby River v. Canada (ICSID Case No. ARB/23/5)
      case-law

    8 months and 25 days later · 267 days

  10. 30 July 2026Arbitration

    30 July 2026Arbitration

    Award

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Tribunal declined jurisdiction because the Claimants had neither made nor controlled an investment under NAFTA and did not have a legacy investment under USMCA Annex 14-C. The Claimants must bear USD 457,803.09 in Tribunal and ICSID costs, including reimbursement of USD 301,519.69 to Mexico, and pay Mexico USD 462,050.89 in legal fees and expenses; both payments are due within 60 days and bear simple interest at the 30-day SOFR rate plus 2% from the dates due until payment.

    Participants

    Cyrus Capital Partners, L.P.
    Representative
    Jonathan C. Poling (For: Cyrus Capital Partners, L.P. · Contrarian Capital Management, LLC)
    Representative
    Stephen S. Kho (For: Cyrus Capital Partners, L.P. · Contrarian Capital Management, LLC)
    Representative
    Katherine P. Padgett (For: Cyrus Capital Partners, L.P. · Contrarian Capital Management, LLC)
    Representative
    Shannon Jackenthal (For: Cyrus Capital Partners, L.P. · Contrarian Capital Management, LLC)
    Representative
    Lide Paterno (For: Cyrus Capital Partners, L.P. · Contrarian Capital Management, LLC)
    Representative
    David Giller (For: Cyrus Capital Partners, L.P. · Contrarian Capital Management, LLC)
    Representative
    Akin Gump Strauss Hauer & Feld LLP (For: Cyrus Capital Partners, L.P. · Contrarian Capital Management, LLC)
    Contrarian Capital Management, LLC
    Representative
    Jonathan C. Poling (For: Cyrus Capital Partners, L.P. · Contrarian Capital Management, LLC)
    Representative
    Stephen S. Kho (For: Cyrus Capital Partners, L.P. · Contrarian Capital Management, LLC)
    Representative
    Katherine P. Padgett (For: Cyrus Capital Partners, L.P. · Contrarian Capital Management, LLC)
    Representative
    Shannon Jackenthal (For: Cyrus Capital Partners, L.P. · Contrarian Capital Management, LLC)
    Representative
    Lide Paterno (For: Cyrus Capital Partners, L.P. · Contrarian Capital Management, LLC)
    Representative
    David Giller (For: Cyrus Capital Partners, L.P. · Contrarian Capital Management, LLC)
    Representative
    Akin Gump Strauss Hauer & Feld LLP (For: Cyrus Capital Partners, L.P. · Contrarian Capital Management, LLC)
    United Mexican States
    Representative
    Alan Bonfiglio Rios (For: United Mexican States)
    Representative
    Rosalinda Toxqui Tlaxcalteca (For: United Mexican States)
    Representative
    Rafael Alejandro Augusto Arteaga Farfan (For: United Mexican States)
    Representative
    Alejandro Rebollo Ornelas (For: United Mexican States)
    Representative
    Paulina Jazmin Rodriguez Cruz (For: United Mexican States)
    Representative
    Alicia Monserrat Islas Martinez (For: United Mexican States)
    Representative
    Direccion General de Consultoria Juridica de Comercio Internacional (For: United Mexican States)
    Representative
    Stephan E. Becker (For: United Mexican States)
    Representative
    Gary J. Shaw (For: United Mexican States)
    Representative
    Carolina Plaza (For: United Mexican States)
    Representative
    Pillsbury Winthrop Shaw Pittman LLP (For: United Mexican States)
    Representative
    Greg Tereposky (For: United Mexican States)
    Representative
    Tereposky & DeRose LLP (For: United Mexican States)
    International Centre for Settlement of Investment Disputes
    Arbitrator
    Lord Collins of Mapesbury
    Arbitrator
    David J.A. Cairns
    Arbitrator
    Zachary Douglas
    Tribunal secretary
    Patricia Rodriguez Martin
    Tribunal secretary
    Veronica Lavista
    Other
    Representative
    Heather Squires (For: Canada)
    Representative
    Dayeon Min (For: Canada)
    Representative
    Jaena Kim (For: Canada)
    Court Reporter
    Dawn Larson
    Court Reporter
    D-R Steno
    Interpreter
    Silvia Colla
    Interpreter
    Daniel Giglio
    Interpreter
    Charles Roberts
    Witness
    Kenneth Patrick Smith Ramos (For: Cyrus Capital Partners, L.P. · Contrarian Capital Management, LLC)

    Authorities cited

    143
    • North American Free Trade Agreement (NAFTA, 1 January 1994, Chapter 11, including Articles 1105, 1116, 1117, 1121, 1128, 1131 and 1139)
      treaty
    • Agreement between the United States of America, the United Mexican States, and Canada (USMCA, 30 November 2018, Preamble, Chapter 14 and Annexes 14-C and 14-E)
      treaty
    • Protocol Replacing the North American Free Trade Agreement with the Agreement between the United States of America, the United Mexican States, and Canada (30 November 2018)
      treaty
    • Convention on the Settlement of Investment Disputes between States and Nationals of Other States (ICSID Convention, 18 March 1965, including Articles 25(1), 36(3), 37(2)(a) and 61(2))
      treaty
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      rules
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      treaty
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      case-law
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      case-law

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Cyrus Capital Partners, L.P. and Contrarian Capital Management, LLC v. United Mexican States (ICSID Case No. ARB/23/33) · Matter