Altice Debt Is a $60 Billion Nightmare for Creditors
Drahi’s empire grew with debt-fueled acquisitions over the years
An Altice flag at their headquarters in Lisbon.
Photographer: Zed Jameson/BloombergWelcome to The Brink. This is Irene Garcia Perez and Libby Cherry in London, where we have been reporting on growing concerns surrounding telecommunications giant Altice. We also have news on Chinese developers and US cinema chain AMC. Follow this link to subscribe. Send us feedback and tips at igarciaperez@bloomberg.net or Tweet/DM to @irenegperez.
A debt pile of more than $60 billion, rapidly rising borrowing costs, a corruption investigation that’s led to the arrest of a co-founder: Telecommunications group Altice’s problems are a growing headache for investors. The debt is split between the company’s three main entities — Altice France, Altice International and Altice USA — so creditors everywhere are hurting, but it’s in Europe, where the group represents a big chunk of the high-yield universe that the pain is particularly acute.