Altice creditors have recommenced discussions with the Company, with senior lenders laying down some red lines for future negotiations. Senior lenders, advised by
Read MoreS&P have downgraded Altice France to CCC, due to the risk of a distressed exchange of the bonds is increasing. We see a distressed
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Becoming uncomfortably normal, SFR France held a curtailed conference call post their numbers, again not allowing any questions. The guidance for
Read MoreOur initial view is the differences between the Company and Ad-hoc proposals are not that far apart (details below) and a deal should be
Read MoreIt is reported that the Company has started confidential discussions with Senior lenders. The company is proposing several versions, including partial debt
Read MoreThe opening bell of negotiations between Drahi and creditors has rung, with the Company/Drahi floating a proposal to the steering creditor committee. The proposal appears
Read MoreThe opening bell of negotiations between Drahi and creditors has rung, with the Company/Drahi floating a proposal to the steering creditor
Read MoreIt appears that the creditors have agreed to extend the cooperation agreement to February 2026, with an option to extend a furthe
Read MoreFurther speculation and press stories are emerging regarding Altice France. It is rumoured that Altice France is exploring potential debt raising at
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While most of us try to imagine the future capital structure and which creditor class will take a haircut (answer all!), the underlying business continues to
Read MoreThe FT have published some vague details on Altice’s financing concerning its stake in BT. Drahi’s stake is worth c. £3.5bn and the FT are reporting
Read MoreAlthough potentially positive for Altice International, the failed sale of Altice Portugal will be viewed as negative for Altice France. This further reduces the
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Please find our updated analysis post their Q1 results.
In March, we expected no update from Atlice SFR about their capital structure/deleveraging plans. Our only expectation was further deterioration in
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Headlines are going to focus on restricted versus unrestricted entities, our initial comments are on operations. We had suspected the poor guidance issued
Read MoreBloomberg are reporting that SocGen were unable to sell its RCF as bids came in lower than its 70% reserve. The movement in the RCF down to the operations does not
Read MoreAltice International and Altice SFR are reporting next Tuesday at 1 pm and 4 pm respectively. There will be a lot to digest on both calls, but specifically at Altice SFR with
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An ad-hoc group of senior bondholders held a call with legal counsel Gibson Dunn last night. The Group is reported to comprise
Read MoreWe have spoken to several clients on this name in the last couple of days, as the market tries to reassess the risks of Altice SFR and especially the lack of
Read MoreAltice France are due to report their numbers next Wednesday, but this morning, their competitor, Iliad reported strong results, specifically in France. Iliad reported
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