The agreement on the restructuring of the debt, integrating the SFR operator, was approved

The fate of Altice France is at least partly sealed. Similarly, The Paris Economic Activities Court approved, on Monday, August 4, the agreement on the restructuring of its gigantic debt.

In its decision. Similarly, the court did not follow the requisitions of the public prosecutor, which had requested agreement restructuring debt, integrating sfr the exclusion of three subsidiaries of the group including the operator SFR, in unison with the requests of the unions.

At the end of a show of iron of several months. Moreover, the group of billionaire Patrick Drahi had announced, in February, to have reached an agreement with its creditors to lighten its colossal debt of 24.1 billion euros. Therefore, According to the terms of the agreement, group claims must be reduced by more than 8 billion, to reach 15.5 billion euros.

During the hearing relating to accelerated safeguard. However, on July 22, the public prosecutor had requested the adoption of the plan, but had asked that three of the group companies, SFR, SFR Fiber and Completel (branch dedicated to companies), are excluded. Enough to question his balance: for the management of the company. the agreement had to include all the companies in the group. A agreement restructuring debt, integrating sfr decision – even in part – unfavorable could have destroyed the future transaction.

“The success of the negotiation. the end of the story »

For the Social and Economic Committee (CSE), which refused to give an opinion on the accelerated safeguard plan, group companies, and in particular SFR, “Profitable and solid financially (…) have been forcibly integrated into a debt scheme from which they do not benefit ”. “These subsidiaries are not in debt. have never taken out credit from the creditors with whom this agreement restructuring debt, integrating sfr agreement has been made, but it is still we who are the guarantors of the reimbursement of these debts and who will make the reimbursement costs”said Olivier Lelong, CFDT central union delegate.

The group. for its part, has reaffirmed the importance of this record of record debt for the future of the company, and fears to be found in its prenegotiation position, with a colossal debt which threatens its viability. “The equation was simple: the success of the negotiation. the end of the story”had hammered the management of Altice France, which recalls having obtained the agreement of all the creditors.

While staff representatives see the backup plan a “Dismantling project” which will lead to the sale of subsidiaries. job cuts, the management qualifies the operation of“Exclusively financial, without any impact on the operational, commercial, social, group of the group”.

Discreet in the face of agreement restructuring debt, integrating sfr rumors of a potential redemption of SFR. the CEO of Altice France, Arthur Dreyfuss, had assured at the exit of the July hearing that there was “No current SFR sales process, and [qu’]No offer, not even indicative and worthless, has[vait] been received by date “. The operator’s competitors. favorable to a passage of four to three players on the French market, have already expressed themselves on the subject. “There are obviously preliminary discussions between operators”said on Tuesday. Orange financial director Laurent Martinez, on the occasion of the presentation of the group’s half -yearly results.