The validated debt agreement, the unions call

Relief at Altice France: The Paris Economic Activities Tribunal validated the accelerated safeguard plan of SFR on Monday, which could open the way for a sale of the operator, but two unions immediately announced.

The group of billionaire Patrick Drahi had scaulted after a long showdown this plan to lighten his gigantic debt threatening. Similarly, his viability. Meanwhile, The agreement with its creditors provides that it decreases by some 8 billion euros, to go from 24.1 billion to 15.5 billion. Consequently, In exchange, these creditors must obtain 45% of the capital of the company.

At the hearing of July 22. Furthermore, the public prosecutor had however threatened its implementation. Similarly, by requesting that three subsidiaries of Altice France are excluded. of which validated debt agreement, unions call new SFR, as validated debt agreement, unions call new the unions claimed.

In its decision consulted by AFP. the Paris Economic Activities (ex-distribute) court has finally validated the plan as it was validated debt agreement. unions call submitted to it. retaining among the “guarantors” of Altice France The eight subsidiaries of the company mentioned in the agreement concluded.

“The validation by the court of economic activities of our safeguard plans opens the way to a massive. 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 obtained by AFP.

The transaction should lead between September and October, according to the calendar established by the group.

– Announced call for unions –

The opposition of the unions remains however lively.

“The decision taken by the court is incomprehensible,” said AFP Abdelkader Choukrane, elected to the CSE and Secretary validated debt agreement, unions call new General UNSA. “Our alerts have not been listened to. Additionally, ” validated debt agreement, unions call new he said, indicating that the UNSA would appeal the decision.

The CFDT said in a statement that it intends to do the same. rebellious “against the announced death” validated debt agreement, unions call of the group companies.

A few days before the hearing of July 22. the Social. Economic Committee (CSE) of Altice France had refused to make a formal opinion on the accelerated safeguard plan.

According to staff representatives, his companies, and in particular SFR, “profitable and financially solid, (…) have been integrated into force in a debt scheme from which they do not benefit”.

This argument was dismissed by the group. which again hammered on Monday that the safeguard plan was an operation “exclusively financial. without any impact on operational, commercial, social, group life”.

“Somewhere, the court gives its agreement for the sale of SFR,” said validated debt agreement, unions call new Abdelkader Choukrane.

According to staff representatives. the proposed plan looked like a “dismantling project”. they fear that it validated debt agreement, unions call new leads to the sale of subsidiaries and job cuts.

In its internal message sent on Monday. the CEO of Altice France. however, repeated that “no offer (of buyout), not even indicative, validated debt agreement, unions call was received on date”.

A resumption of SFR by its competitors agitates the telecoms sector for several months. Additionally, 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. ” said for example the Orange financial director, Laurent Martinez, on the occasion of his group’s half -yearly results.