Much has been speculated on owner Patrick Drahi’s levers to delever Altice France’s unsustainable capital structure. €4bn is suggested to be the magic number, enabling management to achieve their target of deleveraging one turn within the next year.

But, how exactly the 1.0x deleveraging will occur at Altice France’s restricted group remains unknown. The rumour mill is circulating everything from a sale of each individual Altice International asset to a more direct sale of an equity stake in Altice France.

Below we investigate each potential asset sale, how much money they could raise for Altice, and how, under the bond docs, Altice France may receive and apply the proceeds.