(Article updated at 7.45 p.m.) It had to be a simple formality. Everyone expected the agreement between Altice France and its creditors to be quickly validated after the accelerated safeguard procedure started in early June. But the last audience held this Tuesday, July 22, at the Paris Economic Activities Tribunal, may have introduced a grain of sand into this well-oiled mechanics.
The surprise came from the public prosecutor who represents the public prosecutor. He generally required the adoption of the plan but he asked that the companies SFR, SFR Fiber and Completel be put out of the case. If almost all of the debt is carried by the holdings Altice France and Altice France Holding, the companies cited are the guarantors and can be called by creditors in the event of a defect. In the event that the judge follows the opinion of the prosecution in the coming weeks when he renders his decision, this would amount to unraveling the agreement concluded between the creditors of the company and its owner Patrick Drahi and possibly to question it.