(Reuters) – Altice France is preparing to sign an agreement with her creditors to reduce the debt of the telecommunications group in exchange for a minority participation, two sources close to the file in Reuters said on Tuesday, confirming information from Bloomberg and the Figaro.
According to one of the sources, the agreement will relate to a debt reduction of 8.6 billion euros, bringing the net debt consolidated to 15.5 billion euros. Creditors will receive a 45% participation in total, including 31% for guaranteed creditors.
“Patrick Drahi manages to keep control after a year of battle,” said the source.
According to Bloomberg, the agreement will however include changes in governance.
The agreement has not yet been signed but should be soon, the two sources said.
Contacted by Reuters, Altice France refused to comment.
The showdown between the telecommunications group, still led by its founder Patrick Drahi, and his creditors, has been the subject of several negotiation cycles in recent months.
(Florence Lève report, written by Kate Entringer)
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