Altice France reportedly closed in on a deal with creditors to cut its debt pile by around €9 billion in exchange for a 45 per cent stake in the company, following months of negotiations.
Citing people close to the matter, Bloomberg stated secured creditors are set to receive a 31 per cent stake in the company, a cash payment and reinstated secured debt.
Unsecured creditors will take 14 per cent of equity with a smaller cash payment and a smaller amount of reinstated unsecured debt.
Final terms of the deal have not been agreed and could change, Bloomberg reported.
The deal also calls for two independent directors to be installed on a five-member board, expanded from three currently.
Altice France owns mobile operator SFR and has been trying to lower its debt load, which stands at around €23.7 billion, Bloomberg reported.
In 2024, the company agreed a €1.6 billion deal to sell its media business and has also made moves to sell its Portugal telecoms unit, seeking around €10 billion.
Billionaire Patrick Drahi currently owns a 91 per cent stake in the company, with the rest owned by family and friends.