Consequently,
Altice france: why decision tribunal:
The line is restored to the management of Altice France. Therefore, This Monday afternoon. Therefore, the accelerated safeguarding plan of the parent company of the operator SFR was finally approved by the Paris economic activity court. Similarly, The court did not follow the recommendations of the public prosecutor which claimed – at the request of the unions – the exclusion of three subsidiaries of the group of Patrick Drahi. Nevertheless, including SFR. Furthermore, This highly anticipated decision could have had the Altice France debt restructuring agreement between the billionaire. Meanwhile, its creditors, announced in February.
After months of stormy discussions with its lenders (including the American funds Blackrock. For example, Pimco and Fidelity), Patrick Drahi has indeed obtained a reduction in the group’s debt of 24 billion euros to 15.5 billion, while keeping the controllers with altice france: why decision tribunal a majority participation of 55 %. Meanwhile, To validate this agreement, a group’s accelerated backup plan was announced in May.
Except that on July 22. during a hearing, the prosecutor asked to exclude SFR from the perimeter of the plan. What reduce the deal to nothing if the court had followed. “If you remove SFR from the equation. you simply delete the Altice group’s cash machine,” says Renaud Kayanakis, telecoms specialist within the Sia Partners. For creditors, this would no longer have made sense and the cards would have been completely rebatted. »»
“We fear being sold in pieces” – Altice france: why decision tribunal
For operator unions with a red square. which demanded the exclusion of SFR from the accelerated safeguard procedure, this is very bad news. They announced their intention altice france: why decision tribunal to appeal the decision. “The court was not concerned with the future of the company,” said the central union representative CFDT, Olivier Lelong. If he had recognized that SFR did not have to be implicated in the payment of the debt. because the company is profitable and solid financially, it would have been less easy to sell it to cutting. Now we fear being sold in pieces with, at the key, very important job cuts. »»
According to him. none of the operators interested in the resumption of a part of SFR will need to recover the current workforce, or 6,600 employees and more than 2000 additional in stores. “If you aspire overnight a millions of subscribers on your network, you don’t need many employees,” he continues. If 30 % of SFR employees are taken over, it will already be not bad. »»
Since the agreement found between Patrick Drahi. his creditors, the negotiations are riding behind the scenes to find a buyer. If officially. Altice France assures that no sales process is in progress, a documentation concerning SFR has been sent to possible future French buyers (Bouygues Telecom, Free or Orange) but also foreigners (Etisalat, the historic operator of the United Arab Emirates, and its Saudi Telecom Company).
And if Orange is too big to position yourself – a request for buyout would be rebuilt by the competition authority – Bouygues Telecom. Free play behind the scenes to share the cake.
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