Altice (SFR) France - comment

Altice creditors have recommenced discussions with the Company, with senior lenders laying down some red lines for future negotiations.  Senior lenders, advised by Rothschild and Gibson Dunn, are seeking to keep XpFirbre within the lender’s control, reversing Altice’s plans to move the asset outside the restricted group.  Separately, the unsecured bondholders, advised by Houlihan Lokey and Milbank also became restricted last week, seeking an improvement to the previous offer from the Company.