, Columnist
Cable Billionaire Stays In His $59 Billion Comfort Zone
Patrick Drahi is hoping to ride out the market storm, but patience isn't always a virtue.
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Patrick Drahi, the telecoms billionaire whose debt-fueled expansion spree is running out of steam, is finding it hard to break free of a downward markets spiral.
A full-blown bear attack is still ongoing after last month's profit warning from Altice SA, the Drahi holding company. Hedge funds have piled up negative bets on a stock that's fallen 56 percent since the end of October. Pressure to cut the 50 billion-euro ($59 billion) debt is rising. Bonds have sold off and the cost of insuring against default has spiked. Lending bankers at Goldman Sachs Group Inc. even looked to cut some of their exposure at one point, according to the FT, which can be interpreted either as good risk management or loss of faith in a key client.