Our teams played an instrumental role in launching one of the first cross-border liability management exercises in Europe, a complex process aimed at optimising the Altice Group’s capital structure and ensuring long-term financial stability. This landmark restructuring, covering more than EUR 24 billion in debt, involves framework agreements with holders of term loans, senior secured notes, and senior notes of the group. The plan will eliminate approximately EUR 8.6 billion in term debt, reducing consolidated net debt to EUR 15.5 billion and bringing pro forma net leverage below 4.0x. Our advice covered highly complex Luxembourg law considerations, including corporate governance, creditor arrangements, and liability management strategies.
As discussions evolved, with strong creditor support already secured and additional approvals expected, they laid the groundwork for a broader restructuring effort across multiple jurisdictions, making it one of the most complex financial restructurings in the European market.
Throughout both the liability management exercise and the broader financial restructuring, our role was to advise Altice’s Luxembourg-based entity on complex Luxembourg law matters, ensuring a legally robust and efficient restructuring process, to significantly reduce its overall debt and strengthens its competitive position. Due to the broad scope of the transaction, its implementation will require a cross-team collaboration, involving additional members from our restructuring, corporate, litigation, capital markets and banking and finance teams in the future. The completion of the restructuring is expected by the end of 2025.
About Altice Group
The Altice Group is a multinational cable, fiber, telecommunications, contents and media company with a strong presence all around the world.
