Altice (SFR) France - comment

It is reported that the Company has started confidential discussions with Senior lenders.  The company is proposing several versions, including partial debt forgiveness in lieu of an equity stake of c15%.  Gibson Dunn and Rothschild, who are advising the Senior Lender Group which accounts for c.70% of the Senior Debt.  The Company will be keen to agree before the January and February bonds maturity next year.