http://www.bloomberg.com/apps/news?pid=20601086&sid=agczvxXnOdu4&refer=latin_americaBy Joseph Galante
Nov. 18 (Bloomberg) -- Mexican billionaire Ricardo Salinas Pliego raised his stake in Circuit City Stores Inc. to more than 13 percent to become the biggest shareholder as the U.S. consumer electronics retailer works to emerge from bankruptcy protection.
Salinas Pliego bought 25 million shares Nov. 13 and Nov. 14 at 24 cents to 26 cents apiece, according to a filing today with the U.S. Securities and Exchange Commission. Pliego also bought 5.3 million shares of Circuit City on Nov. 12, two days after the retailer declared Chapter 11 bankruptcy.
Circuit City obtained court approval last week to borrow as much as $1.1 billion to finance operations on an interim basis while it restructures. The Richmond, Virginia-based company said it will save $40 million a year by the bankruptcy court voiding lease agreements on 155 stores while it develops a plan to emerge from bankruptcy.
Salinas Pliego is chairman of Grupo Elektra SA, Mexico's biggest electronics retailer, and of the country's second- largest broadcaster, TV Azteca SA. He also controls Grupo Iusacell SA, Mexico's third-largest mobile-phone company.
Salinas Pliego is the fourth-richest Mexican, with a net worth of $6.3 billion, according to Forbes magazine.
Voice and e-mailed messages outside normal business hours by Bloomberg News to Circuit City spokesman Bill Cimino weren't immediately returned, nor was a voice message for Salinas Pliego spokesman Dan McCosh.