9fin is the AI-powered data and analytics platform that enables finance professionals to analyse a credit, or win a mandate, in one place. Our news and analysis is market-leading, as shown in this coverage case study of Altice France.

Download this case study as a PDF.

The summary

• 9fin covered the full lifecycle through our in-house legal, credit, and journalist teams. We identified early signs of potential distress via our distressed watchlist in 2023
• Since Altice’s earnings call in March 2024, we’ve published 110+ pieces of content, with buy-side and sell-side input
• Our AI-powered tool enabled the team to publish the transcript of Altice’s earnings call 31 minutes after the call ended
• 9fin reported on Altice France’s restructuring deal with secured lenders 16 days ahead of other media sources, providing users with valuable intel that wouldn’t otherwise be available to non-participants in the negotiation

About Altice France

Altice France is the second largest telecommunications provider in France, and is facing financial struggles in the form of huge debt. This has led to accelerated safeguard proceedings and a potential carve-out of the business.

The drama erupted in March 2024 and resulted in one of the first liability management exercises (LMEs) in Europe.

The story behind the story

9fin is renowned for its market scoops, often published hours ahead of traditional media sources. On top of this, 9fin provides the story behind the story by speaking to the buy, sell and advisory side for nuanced coverage, so clients have a significant advantage in managing their portfolio and mitigating risk.

From sector deep dives, to recovery analyses, to how decisions around this issuer impacted the wider distressed market, our coverage of Altice France spanned over
110 pieces of content from March 2024 to July 2025.

The highlights of our coverage are listed below – for the full scope of news and analysis, get in touch for a free 9fin trial: subscriptions@9fin.com.

March 2024

9fin published a transcript of Altice’s bombshell earnings call 31 minutes after it ended. On this call, Altice founder and controlling shareholder, Patrick Drahi, announced the decision of a massive deleveraging, giving creditors an ultimatum to accept discounted transactions.

Clients used 9fin’s AI-powered transcript tool to relive the call and get up speed quickly. The 9fin team also published an earnings call review shortly after.

3 April 2024

9fin’s legal analysts published a deep dive on Altice directors' duties, which turned out to be a key factor in influencing negotiations between the company and the creditors.

9fin also had the scoop on secured creditors signing a co-op agreement and hiring Rothschild and Gibson Dunn. We then kept close tabs on the signatures piling up until it went effective.

10 May 2024

The team published a comprehensive value and scenario analysis, evaluating the restricted 
and unrestricted group, presenting five scenarios that could play out, with the potential implications of each.

The 9fin team were on top of every detail in Altice's situation between May 2024 and January 2025. The following headlines scratch the surface of our coverage.

• 3 May 2024: Altice France board hires White & Case as creditors add to co-op
• 16 May 2024: Altice France makes its move — Five subs designated unrestricted, RCF elevated to OpCo
• 19 September 2024: Altice France secured creditor group seeks to extend co-op to February 2026
• 1 October 2024: Elliott flips to supporting Altice France co-op extension
• 16 October 2024: Drahi adds €800m to Altice war-chest with XpFibre recap — Analysis
• 4 November 2024: Altice France secured steerco goes restricted as another company proposal emerges
• 31 January 2025: Altice France secured creditors’ recoveries improve under latest proposal

10 February 2025

Altice France was preparing to announce a deal with a group of its secured lenders. 9fin landed this story 16 days ahead of other media sources. This meant 9fin users part of Altice’s broader investor base could stay in the loop on terms that were otherwise only known by those involved in the negotiations.

Our in-house restructuring legal team also published an analysis a few days later, exploring the group’s restructuring, proposed capital structures, affordability, how future asset sales may impact creditors, and what recoveries looked like.

Get up to speed in a format that works for you: check out this episode of our Distressed Diaries podcast, covering Altice France negotiations.

22 May 2025

We dove into the details of Altice France’s LME — download the full legal analysis here.

20 June 2025

Altice France parent company, Altice France Holding, triggered a ‘failure-to-pay’ credit event. A document made public by 9fin was instrumental in triggering the credit default swaps.

A European restructuring with US tactics

Altice creditors formed a co-op during negotiations, which is common in the US but less so for European restructurings. Through 9fin:

• Advisors brushed up on their knowledge of LMEs and the potential impact on ways of negotiating for other companies – helping them advise clients and offer a broader understanding of market changes
• Investors could stay informed on ongoing developments with this issuer – helping them manage their portfolio more strategically

Over 250 customers rely on 9fin as the go-to provider for additional colour around complex situations, in-depth analyses, financial and credit summaries, and much more.

This coverage is ongoing as the situation develops. To follow our market-leading coverage of this issuer, and to follow updates on the wider Altice Group, request a free trial of the 9fin platform.