Altice France, one of France's largest telecommunications companies, has filed for Chapter 15 bankruptcy in a New York court. The move is part of a larger restructuring of the company's debts, estimated at around €60 billion. The company had previously agreed with its creditors on a restructuring plan that would significantly reduce its debt burden and redistribute equity shares between shareholders and creditors.
Under the terms of the agreement, Altice France's creditors will receive a significant portion of the company's shares, as well as new debt instruments with an extended maturity. It provides for a debt reduction of almost 8.6 billion euros, the issuance of new secured debt instruments of about 14.7 billion euros and the granting of a stake in the company to creditors of about 31 percent. In addition, it is planned to pay about 1.5 billion euros in cash to existing secured creditors and 100 million euros to unsecured creditors, as well as the issuance of new unsecured debt instruments.
The Chapter 15 filing allows Altice France to obtain recognition and protection for its asset restructuring in the United States, which is particularly important given the presence of debt issued under American law. This procedure also ensures synchronization between the French and US courts, which facilitates a more efficient restructuring and protection of creditors in both markets.
As part of the restructuring, the company is also negotiating the sale of non-core assets, including a possible sale of a controlling stake in SFR, to further reduce its debt burden. According to analysts, all procedures are expected to be completed by the end of 2025, after which Altice France expects to improve its financial stability and continue to develop in the French telecommunications market.
source: https://miranews.ru/13567-altice-france-podala-zajavlenie-o-bankrotstve-v-nju-jorke.html