The US litigation against Altice International goes well beyond a conventional LME challenge. A group of creditors holding c.$9bn of secured debt, including Arini, Invesco and Rockford Tower CLOs, filed a complaint in New York yesterday (13th October) alleging that Patrick Drahi and the wider Altice group systematically transferred value out of the restricted group through c.$5.4bn of intercompany loans, a disputed $2.4bn MCN-related cancellation and the diversion of proceeds from the $4bn sale of Altice's BT stake. Unlike a conventional LME dispute over creditor ranking, the central question is whether Altice went beyond the flexibility permitted by its financing documents and whether the courts can restore value to the creditor pool.
Read MoreLitigation has commenced in the US against CSC Holdings and 96 other defendants, with lenders alleging that transactions moved
Read MoreSocGen has agreed, subject to regulatory approval, to acquire Geodesia’s 50% stake in OXG, the German fibre JV co-owned with
Read MoreAltice International has announced that HOT has agreed to sell 100% of HOT Mobile to a consortium comprising
Read MoreAltice and its French unit SFR confirmed that Orange, Iliad and Bouygues have signed a memorandum of understanding (MoU). The agreement sets a
Read MorePatrick Drahi continues his financial wizardry stateside, with Optimum Communications (previously Altice USA) transferring its most
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Bouygues Telecom, Free (Iliad Group) and Orange have confirmed that the consortium commenced due diligence in early January on a
Read MoreEarlier this month, we noted that the start of the year was likely to bring renewed speculation around asset disposals by Patrick Drahi and
Read MoreWith the start of the new year, speculation has once again intensified around potential asset disposals by Patrick Drahi. Recent reports
Read MoreThe Company is taking a hard line in its negotiations with creditors, unwilling to engage with the cooperation block and instead
Read MoreAltice 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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