No matter how much they expected, it was a capital disappointment for representatives of the staff of Altice France, the mother house of SFR. The CFDT, UNSA, and the Social and Economic Committee (CSE) claimed the suspension of the group’s accelerated safeguard plan, since its validation, August 4, by the Paris Economic Activities Court. Their objective: to prevent Altice France from implementing The reduction agreement of its debt signed with the creditors in February. For unions, this operation is a scarecrow. In their eyes, she only pursues a goal: to prepare a sale for the cutting of SFR, with heavy social consequences for its nearly 8,000 employees.
But the Paris Court of Appeal showed off their hopes. Thursday, September 11, she rejected the appeal in summary proceedings of the unions and the CSE, considering, like the prosecution, that no element ” serious “ did not justify such suspension. Result: nothing more prevents Patrick Drahi, the owner of Altice France, from completing his financial restructuring. This one “Will therefore be effective on 1is october “welcomes Arthur Dreyfuss, the CEO of the group. Its debt will go, that day, from 24 billion to 15.5 billion euros. In return, its creditors – including the American funds Blackrock, Pimco and Fidelity – will take 45 % of the capital, Mr. Drahi retaining a majority participation of 55 %.
You have 74.31% of this article to read. The rest is reserved for subscribers.
