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Draft Auction Terms Published
EMEA DC Meeting Statement – 30 July 2025
The EMEA DC met on 30 July 2025 to continue discussions regarding the finalisation of the Auction Settlement Terms. The EMEA DC agreed to meet again on 1 August 2025 to continue discussions.
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Draft Auction Terms Published
EMEA DC Meeting Statement – 23 July 2025
The EMEA DC met on 23 July 2025 to continue discussions regarding the finalisation of the Auction Settlement Terms and agreed to meet again in due course.
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Draft Auction Terms Published
EMEA DC Meeting Statement – 22 July 2025
The EMEA DC met on 22 July 2025 to discuss the finalisation of the Auction Settlement Terms following the end of the period for feedback on the draft Auction Settlement Terms.
The EMEA DC agreed to meet again on 23 July 2025 to continue discussions.
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Draft Auction Terms Published
Draft Auction Settlement Terms
Compare of draft AST against final Intrum AST
11 July 2025 EMEA DC Meeting Statement
DC Decision
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Ongoing
EMEA DC Meeting Statement - 7 July 2025
DC Decision
Final List
The EMEA DC met on 7 July 2025 to discuss settlement of Transactions referencing Altice France S.A. .
The DC Secretary did not receive any challenges relating to either the inclusion or absence of any obligation on the Initial List. Accordingly, the EMEA DC resolved to publish the Final List.
The EMEA DC agreed to meet again on 9 July 2025 to continue discussions on settlement of Transactions referencing Altice France S.A. .
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Ongoing
EMEA DC Meeting Statement - 3 July 2025
The EMEA DC met on 3 July 2025 to continue discussions relating to settlement of 2014 Transactions in respect of the Reference Entity and the EMEA DC agreed to meet again on 7 July 2025.
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Ongoing
EMEA DC Meeting Statement - 1 July 2025
DC Decision
Initial List
Submission of Potential Deliverable Obligations and Challenges
The EMEA DC met on 1 July 2025 to continue discussions on settlement of 2014 Transactions referencing Altice France S.A. . The EMEA DC agreed to meet again on 3 July 2025.
The EMEA DC agreed to publish the Initial List as the EMEA DC had received no further submissions of potential Deliverable Obligations. To the extent that Eligible Market Participants wish to challenge the inclusion or absence of an obligation on the Initial List, they should do so before 5pm London time on Monday 7 July 2025.
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Ongoing
DC Decision
EMEA DC Meeting Statement - 30 June 2025
The EMEA DC met on 26 June 2025 to discuss the Auction Settlement Terms in respect of Altice France S.A. An Auction is required to be held in respect of Altice France S.A. under the terms of the DC Rules because the Relevant Transaction 300/5 Criteria under the DC Rules are met. The EMEA DC has published a Preliminary List of Deliverable Obligations (see Preliminary List published on 25 June 2025).
The Altice France S.A. Chapter 15 Petition attaches a certified copy (translated into English) of the judgment of the French court opening the accelerated safeguard proceeding. The judgment notes that on 25 February 2025, Altice France S.A. entered into a framework agreement and that over 95% of the creditors holding the notes issued by Altice France S.A. are party to such framework agreement. In addition, Altice France S.A. previously announced on 17 March 2025 that at least 90% of each tranche of Altice France Senior Notes was subject to the framework agreement.
The EMEA DC is presently considering whether or not amendments should be made to the Auction Settlement Terms in light of the existence of the framework agreement – no decisions have been made at this time. If any amendments are considered, such amendments would be published on the DC Website for consultation. In addition, the draft Auction Settlement Terms will be published in due course. Eligible Market Participants are encouraged to provide feedback to the DC Secretary on the Auction Settlement Terms and any amendments thereto.
Additional amendments that could be made to the Auction or the Auction Settlement Terms compared to the terms that applied in relation to the Auction for Intrum AB could include (i) providing for a cash settlement process for RASTs that cannot be settled due to the existence of the framework agreement; or (ii) delaying the date of the Auction until such time as the framework agreement ceases to apply (as was the case in relation to the Auction in respect of Steinhoff Europe AG).
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Preliminary List Published
EMEA DC Meeting Statement – 25 June 2025
DC Decision
Preliminary List
Submission of Potential Deliverable Obligations and Challenges
The EMEA DC met on 23 June 2025 to discuss settlement with respect to Altice France S.A. . Following this DC Meeting, the EMEA DC agreed to publish the Preliminary List.
The deadline for submission of additional obligations for consideration by the EMEA DC for inclusion on the Initial List is 5pm London time on 27 June 2025, being the London Business Day occurring on the day falling two calendar days after the date of publication of the Preliminary List.
To the extent that Eligible Market Participants wish to submit additional obligations for inclusion on the Initial List, they should do so before the above deadline, and in accordance with the procedures described in the document on Submission of Potential Deliverable Obligations and Challenges.
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Ongoing
EMEA DC Meeting Statement - 23 June 2025
The EMEA DC met today to continue discussions on the Preliminary List.
The EMEA DC will meet again to continue discussions on settlement of 2014 Transactions referencing Altice France S.A. on 26 June 2025.
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Ongoing
EMEA DC Meeting Statement 20 June 2025
DC Decision
The EMEA DC met on 19 June 2025 to discuss settlement of 2014 Transactions in respect of Altice France SA. The EMEA DC determined that an Auction should be held as the 300/5 Criteria in the DC Rules is satisfied. The EMEA DC is considering the potential Deliverable Obligations in respect of the Auction and intends to publish the Preliminary List next week.
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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
