Altice International - comment

Patrick Drahi continues his financial wizardry stateside, with Optimum Communications (previously Altice USA) transferring its most valuable pay-TV and broadband assets outside the reach of creditors. As part of the transactions announced yesterday, Optimum has moved assets, including the Cablevision operations acquired in 2016, into a newly created unrestricted holding company.

These transfers will further exacerbate tensions between creditors and management and are likely to be challenged in court.

For Altice International bondholders, the episode reaffirms that Drahi is willing to consider extreme measures to preserve equity and extract maximum value from creditors.