Closed
9/08/2025 06:15am EDT
Auction Information Published
DC Meeting Statement
DC Decision
8/26/2025 05:40am EDT
List of Participating Bidders Published
DC Decision
List of Participating Bidders
8/25/2025 08:45am EDT
Final Auction Terms Published
DC Decision
Final Auction Settlement Terms
Compare of Final AST against 22 August Draft AST
Compare of Final AST against Intrum AB Auction Settlement Terms
8/22/2025 05:45pm EDT
Draft Auction Terms Published
DC Decision
Updated draft Auction Settlement Terms
Compare of draft AST against 7 August version
Compare of draft AST against final Intrum AST
EMEA DC Meeting Statement – 2 2 August 2025
The EMEA DC met on 21 August 2025 and agreed to (i) hold the Auction with respect to the Reference Entity on Wednesday 27 August 2025 and (ii) to publish the draft Auction Settlement Terms.
Eligible Market Participants should review the updated draft Auction Settlement Terms, which include various updates, including to the timelines published in the meeting statement of 20 August 2025. In particular:
- The Physical Settlement Dates have been updated to 2 September, 3 September and 5 September respectively for the different links in the chains of Representative Auction Settlement Transactions (RASTs ). This is to reflect the importance of such RASTs settling prior to the 9 September 2025 settlement date announced by the Reference Entity. All Buyers are required to comply with certain obligations under the RAST to achieve this settlement.
- For those RASTs where settlement is not achieved prior to the 9 September deadline, (i.e. where not all entities in a chain of RASTs are party to a particular lock-up agreement), then the Auction Settlement Terms provide for delivery of a composite package of assets resulting from the restructuring, as soon as practicable following the restructuring effective date. Buyers under the relevant RASTs will be required to deliver the early bird consent fee which forms part of the composite package announced by the Reference Entity to the Seller, except in circumstances related to where (i) the Buyer can evidence that the relevant Deliverable Obligation held by the Buyer prior to the restructuring and specified in the relevant Notice of Physical Settlement or NOPS Amendment Notice was not entitled to such fee, and (ii) such Buyer held the relevant Deliverable Obligation immediately prior to the 9 September cut-off date.
- In the circumstances prescribed in the AST, the Seller that was not able to take Delivery of a relevant bond by reason of not being party to the relevant lock-up agreement will be required to compensate the Buyer holding such bond for its funding costs during the period between 9 September 2025 and the point at which trading in all the assets in the composite package becomes possible following the restructuring effective date (per the indicative timeline published by the Reference Entity, the restructuring effective date is currently identified as 1 October 2025).
- There are fallback provisions to provide for cash settlement of the assets forming part of the composite package if Delivery of such assets does not occur in certain circumstances. There are also provisions to buy-in the relevant assets in circumstances where the cash settlement provisions do not apply.
The EMEA DC intends to publish the final Auction Settlement Terms as soon as possible on Friday 22 August 2025.
8/22/2025 11:05am EDT
Auction Information Published
DC Decision
DC Meeting Statement
8/20/2025 03:50pm EDT
Draft Auction Terms Published
EMEA DC Meeting Statement – 18 August 2025
The EMEA DC met on 18 August 2025 to continue discussions regarding the finalisation of the Auction Settlement Terms. The EMEA DC agreed to meet again on 19 August 2025 to continue discussions.
8/18/2025 10:15am EDT
Draft Auction Terms Published
Updated Draft Auction Settlement Terms
Compare against the draft Auction Settlement Terms published on 11 July 2025
Compare against the Intrum AB Auction Settlement Terms
DC Decision
EMEA DC Meeting Statement – 7 August 2025
Eligible Market Participants that wish to submit final feedback on any material issues in relation to the draft Auction Settlement Terms must do so by no later than 5:00pm London time on 14 August 2025 .
DC Secretary’s contact details
8/07/2025 03:40pm EDT
Draft Auction Terms Published
EMEA DC Meeting Statement – 5 August 2025
The EMEA DC met on 5 August 2025 to continue discussions regarding the finalisation of the Auction Settlement Terms. The EMEA DC agreed to meet again on 6 August 2025 to continue discussions.
8/05/2025 10:40am EDT
Draft Auction Terms Published
EMEA DC Meeting Statement – 1 August 2025
The EMEA DC met on 1 August 2025 to discuss finalisation of the Auction Settlement Terms. The EMEA DC agreed to meet again on Tuesday 5 August 2025 to continue discussions, with the aim of publishing a revised draft of the Auction Settlement Terms in the course of next week.
8/01/2025 11:20am EDT
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.
7/30/2025 10:55am EDT
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.
7/23/2025 10:45am EDT
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.
7/22/2025 04:55pm EDT
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
7/11/2025 04:00pm EDT
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/
*Note added 26 August 2025: The note to the Final List was updated on 26 August 2025 to refer to the Final Auction Settlement Terms dated 22 August 2025 and Meeting Statement dated 26 August 2025.
7/08/2025 03:35pm EDT
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.
7/03/2025 04:15pm EDT
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.
7/02/2025 12:35pm EDT
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).
6/30/2025 04:45am EDT
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.
6/25/2025 03:30pm EDT
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.
6/23/2025 09:45am EDT
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.
6/20/2025 03:55pm EDT
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.
6/16/2025 02:30pm EDT
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.
6/09/2025 05:25pm EDT
Ongoing
The EMEA DC met on 6 June 2025. A further update will be published in due course.
6/09/2025 04:45am EDT
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.
6/04/2025 09:25am EDT
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.
5/30/2025 02:45pm EDT
Request Accepted by DC
5/29/2025 08:35am EDT
Pending DC Consent
5/28/2025 01:20pm EDT
