For the Altice France staff, it is a relief. Monday, August 4, 2025, the Paris Economic Activities (ex-distributal) court validated the accelerated safeguard plan of the parent company of SFR. The group of billionaire Patrick Drahi had had this plan to lighten its gigantic debt threatening its viability. The agreement with its creditors provides that it decreases by some 8 billion euros, to go from 24.1 billion to 15.5 billion. In exchange, these creditors must obtain 45 % of the capital of the company.
The eight subsidiaries included in the agreement
At the hearing of July 22, the public prosecutor had however threatened its implementation, by requesting that three altice France subsidiaries, of which SFR, as the unions claimed.
In its decision, the Paris economic activity court finally validated the plan as it was submitted to it, retaining among the “guarantors” of Altice France The eight subsidiaries of the company mentioned in the agreement. “The validation by the court of economic activities of our safeguard plans opens the way to a massive and unprecedented financial restructuring, to this significant reduction in the debt we all expected”said the CEOs of Altice France, Arthur Dreyfuss, and SFR, Mathieu Cocq, in an internal message. The transaction should lead between September and October, according to the calendar established by the group.
But the opposition of the unions remains lively. “The decision taken by the court is incomprehensible”commented Abdelkader Choukrane, elected to the Social and Economic Committee (CSE) and Secretary General UNSA. “Our alerts have not been listened to”he regretted, indicating that the UNSA will appeal the decision. The CFDT indicated in a press release intended to do the same and insurgerated “Against the announced death” group companies.
Consolidation of the telecoms market
A few days before the hearing of July 22, the CSE of Altice France refused to give a formal opinion on the accelerated backup plan. According to staff representatives, their companies, and in particular SFR, “Profitable and solid financially, […] have been forcibly integrated into a debt scheme, from which they do not benefit ”. This argument was dismissed by the group, which again hammered on Monday that the backup plan was an operation “Exclusively financial, without any impact on the operational, commercial, social, group of the group”. “Somewhere, the court gives its agreement for the sale of SFR”nevertheless insisted Abdelkader Choukrane.
According to staff representatives, the proposed plan looks like a “Dismantling project”. They fear that he will lead to the sale of subsidiaries and job cuts.
In his internal message sent on Monday, the CEO of Altice France, however, repeated that ” No offer (buyout)not even indicative, has been received on date ”.
A resumption of SFR by its competitors has agitated the telecoms sector for several months. The latter being favorable to a consolidation of the French market which would go from four to three players. “There are obviously preliminary discussions between operators”for example, said the Orange Martinez financial director at the end of July at the end of July during the semi -annual results of his group.