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Paris Court Approves Altice France’s €8.6 Billion Debt Plan

The ruling seals Drahi’s record cut in exchange for creditor equity; unions have appealed, rivals are exploring offers for SFR.

Le plan de sauvegarde accélérée d'Altice France, qui comprend un accord de restructuration de la dette du groupe, a été approuvé par le tribunal lundi
Le plan de sauvegarde accélérée d’Altice France a été approuvé par le tribunal des activités économiques, lundi 4 août 2025.
Le tribunal des activités économiques de Paris a validé le plan de sauvegarde du groupe Altice, prévoyant de réduire la dette de SFR de 24 à 15 milliards d’euros.
Patrick Drahi veut quitter le monde des télécoms français.

Overview

  • The Tribunal des activités économiques de Paris validated Altice France’s accelerated safeguard plan on August 4, rejecting public prosecutor and union demands to carve out SFR subsidiaries.
  • Under the approved agreement, Altice’s €24.1 billion debt will be reduced by €8.6 billion, with creditors taking a 45% equity stake, cutting annual finance costs by roughly €400 million and deferring maturities to 2028–2033.
  • Altice France management projects the transaction will close between September and October 2025 under the terms endorsed by the court.
  • CFDT and UNSA unions have filed appeals against the decision, but those challenges do not halt the safeguard procedure or its scheduled closing.
  • Despite CEO Arthur Dreyfuss’s assertion that no sale process is underway, Orange, Bouygues and Free are reported to be holding preliminary talks over a potential acquisition of SFR.