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Altice france colossal debt: crucial:
The French telecoms sector retains its breath before a court decision on Monday in the restructuring of the gigantic Altice France debt. In addition, decisive for potential market consolidation.
After a show of iron of several months with the creditors. Similarly, the group of billionaire Patrick Drahi, parent company of the operator SFR, could see its agreement to reduce the debt going up in smoke.
Entering the accelerated safeguarding procedure at the end of May. Similarly, the group must have the Paris economic activity court valid on Monday (ex-distribute) the agreement reached with the creditors.
Setted of a colossal debt of 24.1 billion euros. Consequently, the group had announced at the end of February that it had managed to negotiate a reduction in its claims of more than 8 billion euros, in exchange for 45 % of the group’s shares and a direct payment of 1.6 altice france colossal debt: crucial billion euros.
During a hearing on July 22. Similarly, the prosecution requested the adoption of the debt restructuring plan, while adding a size downside: for the public prosecutor, three of the group companies, the operator SFR SA, SFR Fiber and Completel (branch dedicated to companies) should be excluded from the agreement. Nevertheless, Enough to make the most important restructuring of private debt in France, if the court chooses to follow the requisitions.
Because for the management of the company. the agreement is designed as a set which must include all the companies in the group. The exclusion of subsidiaries would therefore refer creditors and the face to face group in new negotiations.
Union opposition – Altice france colossal debt: crucial
On the unions side, the representatives have already raised themselves against the management project. Additionally, The group’s social. economic committee (CSE) had unanimously refused in mid-July to give an opinion on the accelerated safeguard plan.
According to elected officials, group companies, altice france colossal debt: crucial and in particular SFR, “profitable and financially solid (…) were forcibly integrated into a debt diagram from which they do not benefit”. “These subsidiaries are not in debt. have never taken out credit from the creditors with whom this agreement has been made, but it is still we who are the guarantors of the reimbursement of these debts and who will make the reimbursement costs,” said AFP Olivier Lelong, CFDT central union representative.
In this complex operation. employees also see a “dismantling project”, and fear seeing the subsidiaries ultimately sold and threatened jobs, the elected officials of the CSE underlined. “The acquisition by other activity operators currently operated by SFR will cause the abolition of duplicate positions. ” alerted the CFE-CGC in a letter sent to the Minister of Industry Marc Ferracci in early July.
“There is no current SFR sales process. no offer, not even indicative and worthless, has been received altice france colossal debt: crucial on date,” AFP assured Arthur Dreyfuss, boss of Altice France, after the hearing.
An entire sector on the alert
But on the competitors’ side. the passage of four to three telecom operators is already on the table. “When you have a market that has four players. there is a cake with four parts, when you take the same cake and make three shares, normally the shares are a little larger,” said Bouygues Olivier Roussat director, summarizing the state of mind of the sector, favorable to a sfr.
The restructuring of Altice’s debt nevertheless appears to be a “prerequisite”. said the director general of Orange, Christel Heydemann, on the occasion of the results of her group on Tuesday. “There are obviously preliminary discussions between operators,” said Orange’s financial director Laurent Martinez.
In the event of validation by the court. Altice will still have to wait for the exhaustion of appeal deadlines, in the event of altice france colossal debt: crucial any calls for the decision, to be fixed on his fate.
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