Altice International - Recapitalisation options

As SFR is going through the courts, our attention returns to Altice International. Is the French deal a blueprint for its smaller sibling, or what would be the right structure? We have updated our model and drivers and have been playing with a recapitalisation model to gauge the options available to all parties. We have thereby gained a clearer idea of the scale of each deal component and, relative to current market prices, have come to a conclusion on our position in the name.