A Telecoms Tycoon Teaches the Bond Market a Lesson
Who'd have thought? Tycoon Patrick Drahi has pulled off a colossal restructuring of his debt-laden French telecoms empire, emerging as the victor. The debt market has been taught a lesson here, one it needs to remember for years to come.
Altice France SA, owner of the SFR telecoms network, has €24 billion ($25 billion) of net debt and it's touch-and-go whether this is sustainable. In 2023, Drahi said he'd reduce borrowings by selling assets and buying back bonds trading below face value. Then came last March's shocking revision to the strategy: Altice wanted to cut debt more rapidly; investors would now likely be forced to bear losses. After months of talks, a majority of both senior and subordinated creditors agreed to rejig their claims on Wednesday.
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