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Altice France and its creditors are said to have started talks with financial and legal advisers, amid disagreements over the company’s debt load. Altice is in talks with Lazard while some creditors like Attestor Capital and Arini are in talks with advisers Houlihan Lokey and law firm Milbank LLP. As per sources, a mix of alternative funds and long-only credit funds holding about €1.5bn of Altice’s debt have come together and have casually discussed a liability management exercise. Altice reported a debt-to-earnings ratio of 6.2x at end-2023. The discussions come after Altice’s executive told creditors that they have to participate in “discounted transactions” to cut leverage.
Altice’s dollar bonds were trading weaker, continuing the drop seen a week earlier. Its 5% 2028s fell 7 points to 81.3 yielding 11.2%.
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