Pimco, Elliott Among Altice Creditors Drafting Debt Counter-Plan
- BlackRock, Elliott, Pimco are among steering committee members
- Company has proposed a 20% haircut to reduce leverage
This article is for subscribers only.
Secured creditors of Altice France including BlackRock Inc., Elliott Investment Management and Pacific Investment Management Co. are readying a counterproposal to the company’s plan to reduce its €24.4 billion ($26.9 billion) debt pile, according to people familiar with the matter.
The embattled French telecommunications firm, which is part of billionaire Patrick Drahi’s business empire, presented a plan in July to the steering committee of a group of secured creditors asking them to take a 20% haircut in their holdings to help the company slash leverage to below four times its earnings before interest, taxes, depreciation and amortization.