9fin did some live reporting from Paris this week as our reporter Bianca Boorer met with restructuring practitioners both in the rain and sunshine! It proved perfect timing given Altice France came out with its first highly anticipated move, a development for which its hundreds of creditors have been on tenterhooks.

The beleaguered French Telco sent out three notices to lenders saying it has moved five more subsidiaries to the unrestricted group as well as agreed with lenders to move its RCF from HoldCo to OpCo level. Quelle surprise! Well not really, as creditors were anticipating more subsidiaries to be moved given it has over €10bn capacity to do so. After the eventful earnings call in March, the group’s founder Patrick Drahi revealed he planned to use the proceeds from the sale of assets in the restricted group to undertake discounted transactions. This spooked investors into corralling into France’s first ever co-op agreement scenario, to defend themselves against his next move. Watch this space as there is definitely more to come with questions remaining over what assets these newly unrestricted designated subs hold.