For anyone still on the job, how much time do we have left? Future is bleak but HOW bleak? Any solid info would be appreciated. TY
19 replies (most recent on top)
How so? What’s happening?
November is the dead end
@vd fake news. that's only if the restructuring is the result of the bankruptcy.
while you are entitled to the money you are an unsecured creditor just like any other creditor in a bankruptcy (but lower in line to get paid)
I honestly can't believe it has lasted this long. Shocked about how incompetent this company is
@tf They have to honor them. In NJ a severance is the law when there is a layoff and even though other states don't mandate it, they have to offer their employees the same as those in NJ
I will be surprised is Altice will be around long enough to honor all the VRP and severance packages.
He never left, altice leaves in his head rent free.
@qh+1jzgjhj08 his story is BS too. No one would have been telling him he was crazy for leaving. A lot of people were leaving after the takeover and they were saying if you stay, you are crazy. Not he other way around.
@q4 dude wants a cookie for leaving and wants everyone to know he pities you.
Few years ago Co workers laughed at me for leaving the company, they said I was taking the worst decision. Left because I felt new changes were coming after becoming Altice. Now I ran my own business in telecommunication as a contractor and is incredible now same people asked for work after saying I was crazy. I feel sorry for many of you It's hard to find another good employer this days, companies are preparing for the worst if recession happens. Even my sector it's being hit hard. Unfortunately layoff will continue and many different sectors.
@kp sorry to hear that. Not many call centers left that aren’t outsourced yet.
my whole call center just got laid off, as of 3pm today in the western NC area. sooo, who knows what the heck is happening
Didn't you sign a contract?
I will be surprised if the company can honor all the VRP and Severances they have agreed to. This latest round of VEP and Severance packages saw people leave with well over twenty years of service some close to thirty that I know of. I just hope Altice can stay afloat long enough to pay us for the better part of two years for not working. Not to mention the employee product benefit.
@dd I think you summed it up nicely. I can only really see 2 roads ahead:
- Bankruptcy with two paths: a. A judge that allows a chap 11 restructuring that keeps that business afloat or b. And capt 7 followed by one of the names or several buying up the territories.
- The banks play ball to avoid this and finds a way to restructure to keep the lights on. But, that would require rev growth to work.
I could be wrong on all fronts, we only know what is publicly available but I can't see impending doom or a buyer with debt. Charter and Comcast will also risk government intervention if they try to grow any more.
If you haven't had a 6 month emergency stash since the takeover you have to be blind.
@d1 two most likely suitors would be charter, comcast, and t-mobile
charter is preoccupied digesting their acquisition of cox. there are rumors on good authority that cox had an LOI or similar last year when the news leaked about a possible acquisition that fell apart. apparently the issues were the debt and a lack of performance of the core markets vs what was believed
comcast has other issues (systemic subscriber loss, poor prior acquisitions) along with a strategic decision to overbuild altice rather than acquire. this is not an accident
t-mobile would be interesting but their asset light model today relies on open access networks rather than competing on their own infrastructure. they have the balance sheet to support it, the question is would they?
regardless, it seems unlikely someone would assume the debt at par value when it is trading at literally 50% on the dollar. why pay full price for something that will likely be forced to go on sale.
what this means is the company will limp along until the debt wall of 2027 forces a bankruptcy. altice france is likely the canary in the coal mine for other drahi assets (renegotiated with creditors and still required bankruptcy). what this implies is the stock will be worthless (the only reason why it trades for anything at all is because of some odd chance of an acquisition, which is less likely by the day). since revenue and ebitda are declining the only options are severe cost cuts to try to keep debt:ebitda at some reasonable leverage ratio
Nothing will likely happen this year other than more cost cutting, the real test will be next year when alot of the debt starts to come due.
People on here keep hoping for a buy out but that is unlikely prior to a bankruptcy, the issue is the company holds so much debt that no other company wants to take that on, so likely would have to go through bankruptcy before any buyout.
That said, it is very possible based on current Financials for the company to limp it out for a few years and see if it can recover, especially if the banks are willing to play ball.
Best hope is a buyout