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Ongoing
EMEA DC Meeting Statement 16 June 2025
The EMEA DC met today to discuss settlement of 2014 Transactions in respect of Altice France S.A. . The EMEA DC agreed to meet again on 19 June 2025.
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Ongoing
DC Decision
EMEA DC Meeting Statement 9 June 2025
The EMEA DC met on 30 May 2025, 4 June 2025 and 6 June 2025 to discuss the DC Question in relation to Altice France SA.
On 27 May 2025, Altice France SA announced that it had requested the opening of accelerated safeguard proceedings from the Paris Economic Activities Court (Tribunal des activités économiques de Paris). The announcement stated that the accelerated safeguard proceedings would impact the holders of the term loans, RCF and senior secured notes of Altice France S.A/ The EMEA DC also noted that on 26 February 2025 Altice France SA previously announced an agreement it had reached with certain creditors which envisaged exchanging existing debt for new debt (having a reduced principal amount and an extended maturity) and equity.
The EMEA DC has previously considered accelerated safeguard proceedings in respect of Atos SE. The EMEA DC concluded in respect of Atos SE that commencing such proceedings did give rise to a Credit Event pursuant to Section 4.2(d) of the 2014 Definitions. As per the EMEA DC Meeting Statement of 30 July 2024 in respect of Atos SE, an accelerated safeguard proceeding entails restrictions on the impacted creditors in terms of stays on enforcement, freeze on debt payment and on acceleration of debt and specific creditor filing requirements. Unlike a safeguard proceeding (which was considered by the EMEA DC in respect of Rallye SA and Thomson SA) an accelerated safeguard is not universal in nature.
The Altice France SA impacted creditors are the holders of the term loans, RCF and senior secured notes. The EMEA DC noted that whilst the process is not universal, the impacted creditors included the financial creditors holding debt of Altice France SA and such debt constituted a material amount of liabilities in aggregate. In addition, an accelerated safeguard results in broad relief (including a stay on any right to require repayment and on acceleration as well as a stay on any enforcement of security). Given the significant restrictions on creditors’ rights and the scope of the affected creditors, the EMEA DC concluded that the request for the opening of the accelerated safeguard proceedings meant that the Reference Entity had instituted a proceeding seeking “similar relief” for the purposes of Section 4.2(d) of the 2014 Definitions. Accordingly, the EMEA DC determined that a Bankruptcy Credit Event had occurred.
The EMEA DC determined that the Credit Event occurred on 27 May 2025. This was the date on which the Reference Entity announced it had requested the opening of the accelerated safeguard proceedings. Such request represented the institution of the proceedings by the Reference Entity seeking the relevant relief for the purposes of Section 4.2(d) of the 2014 Definitions.
The EMEA DC will meet again in the coming days to discuss how to proceed in relation to settlement of 2014 Transactions referencing Altice France SA.
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Ongoing
The EMEA DC met on 6 June 2025. A further update will be published in due course.
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Ongoing
The EMEA DC met on 4 June 2025 to continue its deliberations in relation to Altice France S.A.
The EMEA DC agreed to meet again on 6 June 2025.
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Ongoing
The EMEA DC met on 30 May 2025 to commence its deliberations in relation to Altice France S.A.
The EMEA DC agreed to meet again next week to continue its deliberations. Accordingly, making a decision on the DC Question was deferred.
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Request Accepted by DC
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Pending DC Consent
