Altice France initiates an accelerated safeguard procedure to impose a restructuring plan for her debt. The agreement, validated by more than 90 % of creditors, was blocked by a minority. By bypassing this lock, the group of Patrick Drahi secures its deleveraging and prepares the possible sale of SFR.
In February, Altice obtained the membership of most of its lenders to a debt reduction of 8.5 billion euros, against the granting of 45 % of the capital of the parent company of SFR. A structuring compromise, but insufficient, because in the absence of unanimity, essential in judicial conciliation, the agreement is inapplicable.
The accelerated backup makes it possible to cross this blockage, with this legal mechanism, used as a last resort, is authorized the approval of an agreement as soon as it is supported by two thirds of the creditors. The passage through justice then becomes a governance solution, it is that that Altice chose to make the majority prevail over the immobility of a financial minority.
This choice gives the company a stability horizon until 2028, without major short -term reimbursement, and with a significant reduction in the annual cost of debt. In this configuration, the group initiates a second phase of its plan, centered on the sale of assets deemed not essential.
Among the targets, infracos, joint venture with Bouygues Telecom charged with 3,500 mobile infrastructure, could be valued around a billion euros. XPFIBER, an entity operating the fiber network in rural areas, is also mentioned. The objective is to bring the debt to 13 billion euros, while retaining the heart of telecom activity.
Beyond deleveraging, the operation repositions SFR on the market. Number two of telecoms in France, the operator remains strategic with 19 million mobile customers and 6 million fixed. Lightened by its financial and recapitalized weight, SFR becomes a potentially liquid active. Speculations on a partial or total resale are multiplying. If no actor has declared himself officially, informal exchanges would be underway.
