The future of SFR clears up. On August 4, the Paris Economic Activities Tribunal validated the entire accelerated safeguard procedure of Altice France, the parent company of the telecom operator, allowing the implementation of the debt restructuring agreement with creditors last February after a year of harsh discussions.
The group of Patrick Drahi, who hopes for the implementation of the debt restructuring plan in September or October, will thus lighten up by 8.5 billion euros in debt, at 15.5 billion. The operation will allow him to pay 400 million euros in less financial fees each year and not have significant reimbursement before 2028. In exchange for billions of debt to which they give up, lenders – including the American funds Blackrock, Pimco and Fidelity – will obtain 45 % of the capital of Altice France, Mr. Drahi retaining a majority participation of 55 %.
“This court decision, by allowing the massive reduction of debt, devotes the financial, industrial and social future of Altice France-SFR. It is the best news that we could give to our employees, our customers and all of our partners: Altice France and its subsidiaries now have the financial means of their future ”welcomes the operator’s management in a press release.
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