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
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Clarity isn’t Altice’s forte and further muddying of the numbers in Altice International’s Q3 release. Altice International have divested/moved the
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 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
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As always, plusses and minuses when it comes to the Altice story. On the plus side, management was very clear that the proceeds from the Teads sale would be
Read MoreAltice UK have agreed to sell its 24.5% BT stake to Bharti Enterprises, initially selling 9.99% immediately and subsequently the balance, once regulatory approval is
Read MorePlease find a short note post Altice International’s sale of Teads to Outbrain Inc. We will update our models after the Q2 results, released on Thursday, August 29th.
Ultimately this is a better valuation and cash proceeds than we had envisaged. Valuations have always fluctuated for the Teads business, with
Read MoreThe $725m of cash from the Teads sale will help de-leverage Altice International and is a positive for bondholders. The deal also
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
Read MorePress reports from Portugal indicate the sales process of Altice Portugal has ended, due to price. This is disappointing news for the wider Altice Group and
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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
Read MoreMoody’s downgraded Altice International yesterday to Caa1, from B3 on the Secured and Caa3 from Caa2 for the unsecured bonds, with outlook on all entities changing to
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