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
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Altice International creditor group, including Arini, Silver Point, King Street, Sona, Diameter and Invesco, is turning aggressive, as it prepares to
Read MoreAltice International has announced that HOT has agreed to sell 100% of HOT Mobile to a consortium comprising
Read MorePatrick Drahi continues his financial wizardry stateside, with Optimum Communications (previously Altice USA) transferring its most
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The 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 MoreOrange published its third-quarter results this morning. While there were limited remarks regarding its joint venture bid for Altice SFR, management clarified that
Read MoreAlthough no formal restructuring discussions have commenced with the Company, the senior creditors remain well-organised, having extended their
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Altice International’s Q2 results were broadly mixed; however, the core Portugal segment, which is the largest, showed some signs of improvement. Leverage remains
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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 MoreMoody’s downgraded Altice International's senior secured debt to Caa2 from Caa1, and its unsecured debt to Ca from Caa3. Given where the
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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
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 MoreAs previously commented Gibson Dunn has launched a cooperative agreement for senior creditors in Altice International. This became effective
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
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