March 4, 2025
Willkie is advising the ad hoc group of AFH S.A. creditors of high yield debt in connection with the financial restructuring of Altice France.
On February 26, 2025, Altice France S.A. and its parent company, Altice France Holding S.A. (AFH S.A.), announced an agreement with a group of creditors to restructure their debt by more than 24 billion euros.
The restructuring is expected to substantially reduce the company’s existing debt and interest expense while significantly extending maturities and improving the company’s balance sheet and competitive position.
The financial restructuring of Altice France represents one of the largest and most significant restructuring operations carried out on the French and European markets.
The financial restructuring of Altice France is based on:
- A significant reduction in the Group's overall debt by 8.6 billion euros, bringing consolidated net debt to 15.5 billion euros in one of the largest debt-for-equity swaps carried out in France
- The relocation of around 77% of Altice France S.A.'s secured debt and 20% of Altice France Holding S.A.'s debt to a new intermediate holding company
- Debt maturity extended to 2028-2033
On completion of the restructuring, the creditors will hold 45% of Groupe Altice's share capital, with existing shareholders retaining control with 55%.
The Willkie team is led by partner Lionel Spizzichino, with partner Batiste Saint-Guily, associates Gérald Giaoui, Alcyde Le Poder and Flora Viénot advising on restructuring matters, and partner Paul Lombard advising on financing matters.
