Altice International

Incremental, but encouraging news for creditors. Escalating the stand-off, creditors have publicly served a formal notice of default on approx. €2bn of debt, concluding that the drop-down (drop-up?) of the Portuguese and Dominican Republic assets (80% of revenue) constitutes a violation of the asset sale or restricted payment covenants. The implication would be potential x-default across perhaps more than just Altice International - possibly even putting the planned sale of SFR under pressure, although we struggle to see that impacted. Drahi continues to aggressively withhold Altice International's assets to put creditors under pressure, but so far the group is staying united and is pushing back.