Altisse France Debt Restructuring and Creditor Dynamics

12min Snip

00:00

Play full episode

Summary

Transcript

Episode notes

Exploring the aggressive debt reduction strategy by Altisse France, creditors face tough choices in a stress exchange offer. Delving into implications of designating Altisse media as an unrestricted subsidiary, the chapter discusses complexities in insolvency scenarios, director actions, and potential vulnerabilities. Highlighting dynamics between Drawheem, secured note holders, and unsecured note holders, the conversation navigates through the risks and incentives faced by each party in a restructuring context.

What do you get when a builder basket just keeps building, and building and building? You get a whole basketful of lenders caught off-guard by the massive amount of capacity that Altice France has to designate its subsidiaries as unrestricted, that’s what.

In this week’s episode of Cloud 9fin, editor Dan Alderson, senior legal consultants Chris Osbourne and Freddie Doust, and distressed credit analyst Nathan Mitchell walk through the knowns and unknowns of Altice.

The discussion covers some of the ways the Altice situation is both familiar and novel, nuances of the French jurisdiction, and the many potential pitfalls that management and investors could face along the path to deleveraging the Altice capital structure.