Drahi’s Altice Says Creditors Must Take Cuts to Reach Targets
Altice bonds plunged on plans for discounted transactions
Company released more aggressive leverage ratio target
By Irene Garcia Perez and Benoit Berthelot
March 20, 2024 at 11:59 AM EDT
Updated on March 20, 2024 at 1:34 PM EDT
You are correct sir. Owner’s billions are separate and safe from the collapse of the parent company. As far back as 2017 business writers would ask in interviews what he would do if it all came crashing down tomorrow. He gave some nonchalant answer illustrating how little he actually cared. And again, this was 2017. Everyone knew that on a fair playing field this business model does not work. But enter “too big to fail” into the equation and that changes things.
I absolutely agree with Post ID: @OP+1rDwh4xP. The lenders in Europe and the U.S. were su-kered in by PD’s trainload of bull$hit that he drags behind him everywhere he goes and now these lenders are in serious trouble. I suppose if it came down to it they could seize his business assets, they know as much about the telco and broadband industry as anyone in Sr Leadership at Altice so they couldn’t do a worse job of managing the company. But that’s not what investors want to do. We are still a couple of years away from anything that drastic happening but that train is on the tracks and has left the station. Honestly I don’t think PD has any interest in turning this company around. With all the schemes that have come to light in the past year I’m pretty sure He has siphoned off boat loads of cash that is safely tucked away and now He will have is lawyers and financial teams insulate his assets as much as possible and then whatever happens, happens. This man has no compassion or empathy for anyone but himself. I think he has all of his bases covered as well as can be to protect himself so he really doesn’t care one way or the other what happens next.
Very few options left. Too much debt. Too much competition. Too many lawsuits. The only saving grace is "if you lend a company $1M and they can't pay it back....that company has a problem". "If you lend a company $26B and they can't pay it back...YOU have a problem". The lenders are squirming too....
Usually companies beg their debt holders for discounts more near their tragic death . Giving higher priority to certain debt holders to get back their money before others . All lose in the end . However our fearless majority stake owner Patrick Drahi is so greedy he’s asked maybe 2 years to soon for discounts . Stating he wants to reduce the debt after doing nothing the entire life of Altice . Even when Altice was making money all he cared about was stock buybacks to boost his pocketbook and his inner circle . A real company invests in its infrastructure , it wasn’t great and starts paying off debt which is ridiculously high . Company revenue still dropping even after the miracles fiber plan to stop the revenue decline seemingly has failed . Nothing being built no more , all projects on hold , emergency repairs only , construction budget wiped out.All efforts to save to last longer it seems . This is not good for the customer’s, everything being left broken , and this is why they lost the customers to start with . Endless cycle. Our borrowing interest rate on refinanced loans will triple and no debt company will discount for a company that didn’t care whatsoever when it mattered and makes such poor decisions on so many levels . There money is gone it’s just a matter of how long . It’s hard for a new CEO to bring back life when the company squandered it’s resources and lost the goodwill of customers . We will see .
Remember Local is big time . They care about the community they serve.
Bumpy road? It’s worse than that you top of your class id--t . Best of luck on your new endeavors with contractors you are going to fail with a company that is failing and you are on top of your class . PD was on top of his class and look how bad he’s doing. Let’s go Brandon!
The company is not doing well. I know this first hand as I worked in bond pricing and valuation for many years before entering the cable industry. I was at the top of my group in finance - the same as I am at the top of my service tech group. I plan to lead a group of contactors in my next endeavor. Most of you just read internet rumors and parrot it all as fact. I have experience and believe it or not, we are in for a bumpy road.
Reading several stories today that PD has agreed to sell some of his European assets. Also seeing more stories of the criminal investigations that are ongoing in Portugal and France that are also affecting the business in the U.S. Creditors are meeting today with their lawyers to discuss the ultimatum PD gave them yesterday regarding the debt they are holding on his company. PD is beginning to feel the noose tightening.
It looks like the financial world has been su-kered in by PD and the train load of bull$hit that follows behind him everywhere he goes. And now they may be in too deep with this street hu----r but to go along with whatever he demands of them in hopes of not loosing all the money they have gambled away on this clown. Why are people in the world of finance so easily taken in by this guy?? He is nothing but a common street hu----r in a $10,000.00 suit.