Altice France and SFR are preparing to enter into accelerated safeguard procedure – Liberation
The telecommunications group Altice France, the parent company of the operator SFR and possessed by billionaire Patrick Drahiis preparing to enter into accelerated safeguard procedure, a step planned since the restructuring plan for its debt, a source close to the file in AFP said this Wednesday May 21, confirming information from Bfmtv.
« As we announced at the end of February, to ratify the debt agreement, we must set up a jurisdiction-administering process, whose accelerated safeguard before the Paris Commercial Court is a part »said this source.
This step corresponds to the end of the conciliation phase with creditors holding Altice debtwhich made it possible to collect the agreement of more than 90 % of them. The procedure should make it possible to finalize the agreement concluded by the end of September to early October, the same source said.
The group of Patrick Drahi, heavily in late (almost 24 billion euros in the third quarter of 2024), had announced at the end of February, having reached an agreement with a majority of its creditors to reduce its debt by 8.6 billion euros. The agreement thus plans to reduce its total amount to 15.5 billion euros, in exchange for 45 % of its capital. Among the other counterparts granted, the company provides for a payment of 1.6 billion euros in cash.
The group « Is concentrated on the implementation of the debt agreement, the reflection on the sale of non -essential assets and the continuation of SFR’s commercial revival and the improvement of the quality of service, two indicators already well committed as evidenced by the results of the T1 »he reaffirmed on Wednesday to AFP. According to media information Bloomberg Published Monday, Altice France would have entered discussions with several operators, French and foreigner, for the sale of SFR, valued at 30 billion euros.
The group, which has not been listed on the stock market since 2021, has experienced difficulties for several years, including the weight of its debt and the corruption scandal involving the ex-leader of its Portuguese subsidiary and co-founder of the group. Altice France has already started a weight loss treatment for a year to lighten the burden of her debt. He thus sold his media activity, which included BFM and RMC, his data centers and his shares of the Mobile Post, while the other subsidiaries of the Altice group abroad also proceeded to transfers.
