French telco Altice France’s latest proposal to lenders see secured creditors recoveries rise in comparison to the company’s proposal from November last year, according to 9fin’s analysis.

While discussions are still slowly going on, things have been now started to move “in the right direction”, a source said, after the parties failed to come to an agreement in November.

The revised proposal increases the new secured debt figure to €14.2bn from €13.7bn with a higher weighted average margin of 7% from the previous 6.5%, sources said, confirming a first report from Bloomberg Law. The debt is set to mature between 2029 and 2031. The equity stake offered to creditors has also increased to closer to 30% from 18%.

The new proposal, which the company sent out on 21 January, moves close to the AHG’s counterproposal from last year, which was for €14.4bn of new secured debt with 7.5% margin and a 34% equity stake.