"SFR will become a normal company again": Patrick Drahi reaches an agreement with his creditors
The owner of the Altice group, which owns SFR, has negotiated a reduction in its debt of 8.6 billion euros. Its creditors recover 45% of the capital but Patrick Drahi remains at the helm of the holding company.
By Aurélie LebelleSFR and its parent company, the Altice group, are finally getting their heads above water. After more than a year of discussions, the group's owner, Patrick Drahi , and his creditors have agreed to significantly reduce the colossal debt of 24 billion euros, which hung like a sword of Damocles over the holding company. According to information from Le Figaro , confirmed by a source close to the negotiations, the 17 investment funds have agreed to reduce the bill by 8.6 billion euros, bringing the Altice group's debt down to 15.5 billion euros. In exchange, the creditors are recovering 45% of the capital owned by Patrick Drahi. But the company director, who was at risk of losing control of the group as the situation became untenable, remains at the helm.
"This is good news for all stakeholders," assures Renaud Kayanakis, telecoms specialist at Sia Partners. "First of all, it is the end of a standoff and stress that lasted more than a year. This will allow, particularly at SFR, to focus on operations. On the other hand, it is good news for Patrick Drahi who has managed to get rid of a third of his debt while maintaining control. And, finally, it is a good operation for the creditors who are now involved in the group's decisions."
Le Parisien
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