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UPDATE 1: Altice France Opens Accelerated Safeguard Proceedings

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Wed Jun 11, 2025 02:33 AM ET: Altice France SA announced on June 10 the opening of accelerated safeguard proceedings by the Commercial Court of Paris for an initial period of two months for the company and some of its subsidiaries including Altice B2B France SAS, Completel SAS, Numericable US LLC, SFR Fibre SAS, SFR Presse, SFR Presse Distribution, Societe Francaise du Radiotelephone – SFR and Ypso France SAS.

The court appointed SCP Abitbol & Rousselet (Maitres Frederic Abitbol and Joanna Rousselet) and SELARL 2M Associes (Maitres Carole Martinez and Marine Pace) as judicial administrators.

The vote by the classes of affected parties is expected to be launched in mid-June while the hearing for the approval of the accelerated safeguard plans is scheduled for July 22.

The closing of the transaction is expected in October.

Original Story 2:31 a.m. UTC on May 29, 2025

Altice France Reaches Agreement With Majority of RCF Lenders on Restructuring; Files for Accelerated Safeguard Proceedings

Relevant Document:
Press Release

Altice France announced on May 27 that it has reached an agreement with a majority of its RCF lenders and has requested the opening of accelerated safeguard proceedings from the Commercial Court of Paris. This action is a further step in implementing the restructuring deal that was initially announced on Feb. 26.

The subsidiaries subject to the accelerated safeguard proceedings include Altice B2B France SAS, Completel SAS, Numericable US LLC, SFR Fibre SAS, SFR Presse, SFR Presse Distribution, Société Française du Radiotéléphone – SFR, and Ypso France SAS.

If approved by the Court, these accelerated safeguard proceedings will solely impact financial creditors, specifically holders of term loans, RCF, and senior secured notes of Altice France SA and its eight subsidiaries. Importantly, the company emphasized that employees, customers, suppliers and commercial or other financial partners will remain unaffected.

Creditors representing more than 95% of Altice France’s senior secured notes and term loans, as well as Altice France Holding senior noteholders, are in support. Additionally, 86% of Altice France RCF lenders also support the transaction.

The accelerated safeguard proceedings are expected to conclude within the initial two-month duration, with the closing of the overall refinancing transaction anticipated in October.