A group of Altice France’s secured creditors are in talks to form a cooperation agreement, which would bind them to act together in potential talks with the struggling telecoms company, according to 9fin sources.

The participants in the co-op agreement talks are part of a creditor group that recently formed with Gibson Dunn as legal counsel. Holders of nearly $12bn worth of Altice France secured debt have agreed to join a co-op so far, representing more than two-thirds of the group itself, according to a source.