Patrick Drahi, the owner of Altice France, is pushing for a quicker debt reduction plan in his telecoms business, potentially leading to negotiations with creditors and consequences for investors. Altice France is considering using the Accelerated Safeguard Process in France to implement the deleveraging plan, which could impact creditors' claims and potentially risk Drahi giving up equity. The firm has seen intense bond trading, with over $2 billion of debt changing hands.
Altice France could use the new Accelerated Safeguard Process in France to implement its proposed deleveraging, impairing creditors claims.However the absolute priority rule in the French Regime means Altice's shareholder, Drahi, may risk giving up equity. https://t.co/iAzRo4pJ3v
A dramatic week for Altice France sparked intense trading in its bonds, with at least $2 billion of debt linked to the firm changing hands https://t.co/pR9xuUYuLP
Patrick Drahi wants to cut debt in his telecoms business faster than flagged. @hughes_chris says there will be consequences (via @opinion) https://t.co/axs4HbDjv8
Patrick Drahi wants to cut debt in his telecoms business faster than flagged. @hughes_chris says there will be consequences https://t.co/u1kF4f8RfD
Altice France has thrown down the gauntlet to investors - work with us and take a haircut to achieve deleveraging the capital structure or we exercise the flexibilities in our financing documents. Read more: https://t.co/1lx3CJlUh3 #restructuring
Patrick Drahi’s plan for negotiating with creditors: https://t.co/H0GJfU47Jn https://t.co/xXOLlXkWbp