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Bond Market News
Altice France Files for Chapter 15 Bankruptcy
June 19, 2025
Altice France, the telecom arm of billionaire Patrick Drahi’s Altice Group, has filed for Chapter 15 bankruptcy protection in New York. Out of the company’s funded secured debt of $22bn (€19.2bn), more than $15.5bn (€13.5bn) is governed by New York law and is traded or owned by US entities, according to the filing. This comes a few weeks after the company entered accelerated safeguard proceedings in France aimed at addressing its mounting debt burden.
Altice France has been negotiating with its creditors over its $26.7bn (€23.3bn) debt for over a year, and the company had received support from 90% creditors for debt restructuring in March earlier this year.
Moreover, Altice France’s probability of default rating (PDR) has been downgraded to D-PD from C-PD by Moody’s after it missed interest payments on its senior unsecured 2027s due on 15 May.
Altice France’s 5.5% 2029s are trading at 83.75, yielding 10.25%.
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