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2mo ago

Paris Tribunal to Rule on Altice France Debt Plan’s Inclusion of SFR Units

The outcome will decide if the group’s record €15.5 billion restructuring move can legally proceed

Logo du groupe Altice, le 11 avril 2019 à Paris
Le groupe de télécommunications, propriété du milliardaire Patrick Drahi, a annoncé en début d’année un accord avec ses principaux créanciers pour réduire sa dette de 8,6 milliards d’euros, afin de la faire passer à 15,5 milliards en échange de 45% de son capital.
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Overview

  • The Tribunal des activités économiques de Paris is set to decide today on validating the accelerated safeguard procedure underpinning Altice France’s reduction of its €24.1 billion debt to €15.5 billion.
  • The public prosecutor has backed adoption of the plan while requesting the exclusion of SFR, SFR Fibre and Completel from the restructuring.
  • Altice France warns that removing its three profitable subsidiaries would nullify the entire debt agreement and jeopardize its financial viability.
  • Unions argue those units never contracted the debt and would unfairly bear guarantees for the group’s obligations if left out of the plan.
  • CEO Arthur Dreyfuss denies any sale process for SFR, while Orange’s finance chief confirms preliminary operator talks that could reshape the market.