Altice France (SFR) is one of the largest issuers in European high yield. Amid rising rates its capital structure has become increasingly unsustainable and the group’s disappointing Q1 numbers failed to assure bondholders.

Recent reports of corruption investigations into the wider Altice complex saw bond prices drop further with Altice France’s HoldCo unsecured notes trading at deeply distressed levels.

With a €1.5bn-equivalent maturity wall in 2025, 9fin’s report explores potential remedies for the group, including a sale of its data centres, and evaluates how viable management’s plan to improve performance is.

In addition, we take a look at where value breaks in the structure, how covered bondholders are, and whether its unrestricted subsidiary, XpFibre, can provide a lifeline to lenders.

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