Skip to content

Blog

Drahi’s Coup de Théâtre: Exploring Altice France’s Market-Shaking Restructuring 

Share on X (opens in a new window) Share on Facebook (opens in a new window) Share on LinkedIn (opens in a new window)

Summary 

Altice France’s financial restructuring has been the talk of the European credit market, and for good reason. Spearheaded by Patrick Drahi, the controversial telecommunications giant has taken steps to address its massive leverage through a proposed restructuring deal. This webinar, led by Chetna Mistry (Senior Director), Luca Rossi (Deputy Managing Editor), and Nikhil Varsani (Credit Analyst) from Octus, breaks down the deal and its implications for creditors, stakeholders, and the broader market. 

Here’s what makes the story compelling:

  • Market Shock: Altice France’s sudden Q4 earnings revelation last year sent shockwaves across the credit market with hints of creditor participation in discounted transactions and potential impairments. 
  • Controversial Founder Moves: Drahi’s control of the deal and his sale of valuable assets outside creditors’ reach added complexity and stirred skepticism. 
  • A Fine Balance: After contentious negotiations, creditors and Drahi agreed on a deal that included significant concessions. Secured creditors gained a 30% equity stake while unsecured creditors received better-than-expected recoveries of 34%. 
  • Challenges Ahead: The resulting 4.6x leverage leaves little room for error, making near-term asset stabilization and potential asset sales crucial. 

Rossi and Varsani detailed the intense creditor dynamics that shaped the deal—balancing competing agendas, cooperation agreements, and fears of creditor-on-creditor conflict. With lessons for the entire European credit market, the session highlights how restructuring deals are becoming more political amid evolving debt negotiations. 

To hear how the restructuring unfolded in detail and what this means for the European market, watch the replay. 

This publication has been prepared by Octus, Inc. or one of its affiliates (collectively, "Octus") and is being provided to the recipient in connection with a subscription to one or more Octus products. Recipient’s use of the Octus platform is subject to Octus Terms of Use or the user agreement pursuant to which the recipient has access to the platform (the “Applicable Terms”). The recipient of this publication may not redistribute or republish any portion of the information contained herein other than with Octus express written consent or in accordance with the Applicable Terms. The information in this publication is for general informational purposes only and should not be construed as legal, investment, accounting or other professional advice on any subject matter or as a substitute for such advice. The recipient of this publication must comply with all applicable laws, including laws regarding the purchase and sale of securities. Octus obtains information from a wide variety of sources, which it believes to be reliable, but Octus does not make any representation, warranty, or certification as to the materiality or public availability of the information in this publication or that such information is accurate, complete, comprehensive or fit for a particular purpose. Recipients must make their own decisions about investment strategies or securities mentioned in this publication. Octus and its officers, directors, partners and employees expressly disclaim all liability relating to or arising from actions taken or not taken based on any or all of the information contained in this publication. © 2025 Octus. All rights reserved. Octus(TM) and the Octus logo are trademarks of Octus Intelligence, Inc.