...December 11, 2024 - France-based telecom company Altice France S.A. has recently issued a Cleansing Statement confirming that it has been engaged in negotiations with certain holders of its senior secured term loans and notes. The Cleansing Statement also indicated that the company and the group of senior secured lenders did not agree on a final proposal. We understand that any further proposals remain subject to discussions and an agreement between the company and the group of senior secured lenders that has signed a cooperation agreement. - There is currently enough liquidity within Altice France S.A. to face its January and February 2025 maturities, and we think that management is willing to satisfy them when and as they come due. However, because of the active discussion with some of its senior secured lenders and our view that negative free operating cash flow (FOCF) after leases will constrain liquidity beyond February 2025, we think the likelihood of an exchange on Altice France...
