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News

Altice France files for Chapter 15 bankruptcy in US
Altice France, a major French telecommunications company, based in Luxembourg, operates as both a mobile network operator and a large telecommunications provider and is owned by billionaire Patrick Drahi. The organisation recently filed for Chapter 15 bankruptcy protection in New York. This move seeks U.S. recognition of its French "safeguard proceedings" as the company grapples with substantial debt.

With an estimated €19.2 billion debt, Altice France, which owns French telco SFR, has faced significant financial struggles. In February, it reached an agreement with creditors to cut its debt by €8.6 billion. The Chapter 15 filing acknowledges that much of its secured debt is governed by New York law and held by U.S. entities.

To alleviate its financial burden, Altice has been divesting assets, including selling a 24.5% stake in BT group, the UKs largest telecommunications provider, and separating its French data center assets. The company's Portuguese unit is also looking to sell its data centers amid an ongoing corruption probe.

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