Plan de sauvegarde, comment Altice impose sa restructuration en vue d’une éventuelle revente

On Thu, May 22, 2025, Altice France initiated an accelerated safeguard procedure to implement a debt restructuring plan. The agreement, supported by over 90% of creditors, faced opposition from a minority. By bypassing this hurdle, Altice secures debt reduction and prepares for a potential sale of SFR.

In February, Altice secured the approval of most lenders for a debt reduction of 8.5 billion euros, in exchange for 45% of the parent company of SFR. However, without unanimous consent, necessary in judicial conciliation, the agreement remained unenforceable.

The accelerated safeguard procedure overcomes this impasse. This legal mechanism, used as a last resort, allows for the ratification of an agreement supported by two-thirds of creditors. Altice chose this route to enforce majority rule over a blocking financial minority.

This decision provides the company with stability until 2028, without significant short-term repayments, and significantly reduces the annual debt cost. In this context, the group initiates a second phase focused on selling non-essential assets.

Targeted assets include Infracos, a joint venture with Bouygues Telecom responsible for 3,500 mobile infrastructures, potentially valued at around one billion euros. XpFibre, the entity operating the rural fiber network, is also under consideration. The objective is to reduce debt to 13 billion euros while maintaining the core telecom business.

Beyond debt reduction, the operation repositions SFR in the market. As the second-largest telecom operator in France, SFR remains strategic with 19 million mobile and 6 million fixed-line customers. With reduced financial burden and recapitalization, SFR becomes a potentially liquid asset. Although no official declarations have been made, informal discussions are reportedly underway regarding a partial or total sale.

D’après FrenchWeb.