Cloud 9fin Control, Altice, Delete
Apr 4, 2024
In this podcast, they discuss Altice France's massive capacity to designate subsidiaries as unrestricted, unique debt reduction strategies, complexities in insolvency scenarios, and potential pitfalls for management and investors. They also explore interplay within Altis entities, strategic management tactics, restructuring dynamics in French insolvency processes, and non-consensual financial processes for negotiation facilitation.
AI Snips
Chapters
Transcript
Episode notes
Altice's Ultimatum
- Altice France's management gave creditors an ultimatum: accept a debt haircut or lose proceeds from asset sales.
- This aggressive move aims to help Altice achieve its deleveraging target.
Unrestricted Subsidiaries
- Altice has significant capacity to designate more subsidiaries as unrestricted, like they did with Altice Media.
- This allows them flexibility for dividends, asset sales outside of covenants, and potential up-tiering transactions.
Bondholder Protection
- Bondholders have limited protection regarding dividends and distributions under French law.
- Directors' duties and antecedent transaction risks are key considerations but don't offer certain guardrails.