What are the chances of the deal falling through at this stage? A group of 2029 bondholders are seeking to change some agreement terms, namely, to have only one
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
Read MoreWe had expected the announcement yesterday, but Altice the cleansing statement outlining the proposed deal only reached us today. Creditors have until March 12th to accede to the
Read MoreWe were expecting an announcement this morning from the Company confirming a proposed deal between creditors and the Company. Some details are emerging from
Read MoreDon’t get too excited. Press over the weekend reports that Altice is seeking to exit its fibre JV OXG with Vodafone. Firstly, this is Altice Luxembourg SA, the
Read MoreWhile we await the finalised restructuring proposal at Atlice France, S&P have downgraded Altice International's structure, with the Senior Secured Notes downgraded to CCC+ and the
Read MoreAnd into round X of negotiations between Altice SFR management and creditors, with reports of another offer from the Company to creditors. The devil will be in
Read MoreWe expect the recommencement of articles on Altice SFR France over the coming days as investors refocus on the imminent restructuring. The €381m of
Read MoreAltice 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
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