Altice International has commenced its financial restructuring by raising €750m at Altice Portugal S.A. This was enabled by
Read MoreThe French police, supported by Eurojust, have conducted raids on several homes and businesses in France as part of an investigation into
Read MoreOrange published its third-quarter results this morning. While there were limited remarks regarding its joint venture bid for Altice SFR, management clarified that
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Please find our updated analysis of Altice International here.
We look forward to sharing a more detailed note post the Q2 numbers later this month, but some of you have requested a recapitalisation table, which we share in this analysis. As evidenced by current trading levels, an imminent restructuring may
Read MoreAltice France announces unanimous votes in favour of the draft accelerated safeguard plans. The hearing before the Commercial Court of
Read MoreWith summer underway, speculation has resumed. This morning’s press article references potential interest from Blackstone in a joint
Read MoreAs part of the restructuring process, Altice France SA filed for Chapter 15 yesterday. An initial hearing is expected today (Wednesday), with a
Read MoreThe Credit Derivatives Determinations Committee has ruled that the French telecommunications group’s debt restructuring constitutes
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Altice SFR France has made further progress in its financial restructuring, having secured majority support from its revolving
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Our main takeaway from yesterday’s call was the confirmation that Altice International were in discussions to sell a stake in its
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No mention of an Altice SFR-type transaction on the Q4 and FY24 call. Revenue is marginally down for the year, EBITDA 3% lower at €1.6bn. Some of the underperformance in EBITDA is explained by
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Altice confirmed that 98% of creditors have supported the recent transaction which extended the maturities and partial writedown off outstanding debt. Pro-forma leverage now sits
Read MoreAltice International are again trying to sell their Covilhã Data centre in Portugal, with press reports stating that the base valuation exceeds €100m / close to
Read MoreAlthough the cleansing documents from Altice France were not specifically mentioned, creditors and the market assume that the 50.1% XPFibre stake would be
Read MoreAs previously commented Gibson Dunn has launched a cooperative agreement for senior creditors in Altice International. This became effective
Read MoreAltice France has confirmed it has received over 90% creditor support across all tranches of its debt before the expiration deadline on
Read MoreAltice France has received sufficient creditor consent to proceed with the proposed restructuring. However, they have extended the deadline to the
Read MoreWhat are the chances of the deal falling through at this stage? A group of 2029 bondholders are seeking to change some agreement terms, namely, to have only one
Read MoreRinse and repeat - it worked for Altice France, so Altice International secured creditors have launched a cooperation agreement, advised by Gibson Dunn. The debt documentation is
Read MoreWe had expected the announcement yesterday, but Altice the cleansing statement outlining the proposed deal only reached us today. Creditors have until March 12th to accede to the
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