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Altice Shifting Cash Outside Operating Group Amid Creditor Discussions: Sources
July 15, 2024
Altice France has shifted some of the proceeds from its €1.55bn sale of Altice Media, to keep it out of creditors’ reach, as per sources. This comes amid discussions over cutting its €24bn debt pile. The proceeds were transferred to an entity that sits above Altice France’s operations from an earlier unrestricted unit of Altice France, the sources noted. They said that creditors could claim the amount from the unrestricted unit in the event of an insolvency or in-court restructuring, and therefore the transfer was made. In March, Altice’s management told creditors that they would have to take a haircut to help the company reach a new leverage target. Altice needs to cut around €10bn of debt to reach its leverage target. It is relying on €2.5bn from asset sales and about €1bn from a dividend recapitalization from XpFibre to meet its leverage target, announced last year.
Altice’s dollar bonds traded stable with its 5% 2028s at 78, yielding 13%.
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