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2 months ago | 
9fin.com | Bianca Boorer |Nathan R. Mitchell
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Jan 6, 2025 | 
9fin.com | Alessia Pirolo |Nathan R. Mitchell |Will Macadam |Varun Gianchandani
This website uses cookies, pixel tags, and similar technologies (“Cookies”) for the purpose of enabling site operations and for performance, personalisation, and marketing purposes. We use our own Cookies and some from third parties. Only essential Cookies are used by default. By clicking “Accept All” you consent to the use of non-essential Cookies (i.e., functional, analytics, and marketing Cookies) and the related processing of personal data.
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Nov 15, 2024 | 
9fin.com | Nathan R. Mitchell |Emmet Mc Nally
This website uses cookies, pixel tags, and similar technologies (“Cookies”) for the purpose of enabling site operations and for performance, personalisation, and marketing purposes. We use our own Cookies and some from third parties. Only essential Cookies are used by default. By clicking “Accept All” you consent to the use of non-essential Cookies (i.e., functional, analytics, and marketing Cookies) and the related processing of personal data.
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Jun 14, 2024 | 
9fin.com | Bianca Boorer |Denitsa Stoyanova |Emmet Mc Nally |William Macadam |Nathan R. Mitchell |Max Frumes
Winding Up is 9fin's weekly newsletter, incorporating summaries and commentary from our European distressed coverage for the past week. Find out more about what we do for distressed here. So, the Fed held interest rates…Why has the Fed gotten so hawkish on rate cuts? “The big thing that changed was the inflation forecast.
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May 13, 2024 | 
9fin.com | Emmet Mc Nally |Nathan R. Mitchell
Altice France’s standoff with creditors is heating up. Secured creditors advised by Gibson Dunn and Rothschild have signed a cooperation agreement with a view to binding their acts together, while a cross-holder group advised by Milbank, Houlihan Lokey and Willkie Farr has also formed. To determine potential outcomes for creditors it's first important to understand not only where value breaks but also where it sits in the group, and owner Patrick Drahi’s levers to direct proceedings.
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Mar 28, 2024 | 
9fin.com | Oliva Mantock |Chris Osborne |Nathan R. Mitchell
News and AnalysisOliva Mantock+Chris Osborne+ 1 more28 March 2024•11 min readIn this piece, we take a look at some of the subsidiaries that Altice France has designated as unrestricted in the past, how much capacity the company might have to designate current restricted subsidiaries as unrestricted in the future (which could be well north of €10bn), and why the J.Crew blocker isn’t necessarily a blocker to transactions like Altice Media.
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Mar 20, 2024 | 
9fin.com | Nathan R. Mitchell |Yusuf Sule
News and AnalysisNathan Mitchell+Yusuf Sule20 March 2024•5 min read“Why you think creditors should have to share the burden to get leverage down but equity holders should not” is a statement from a listener, which accurately sums up Altice France’s worrying Q4 23 conference call today (20 March). Just as things were starting to go in the right direction for the distressed telco, management today announced that it is giving creditors an ultimatum.
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Oct 26, 2023 | 
9fin.com | Nathan R. Mitchell
News and AnalysisNathan Mitchell26 October 2023•16 min readMuch has been speculated on owner Patrick Drahi’s levers to delever Altice France’s unsustainable capital structure. €4bn is suggested to be the magic number, enabling management to achieve their target of deleveraging one turn within the next year. But, how exactly the 1.0x deleveraging will occur at Altice France’s restricted group remains unknown.
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Jul 25, 2023 | 
9fin.com | Nathan R. Mitchell
Altice France (SFR) is one of the largest issuers in European high yield. Amid rising rates its capital structure has become increasingly unsustainable and the group’s disappointing Q1 numbers failed to assure bondholders. Recent reports of corruption investigations into the wider Altice complex saw bond prices drop further with Altice France’s HoldCo unsecured notes trading at deeply distressed levels.
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Jun 1, 2023 | 
9fin.com | Hee Li Leung |Arturo Alaimo |Yusuf Sule |Ameeq Singh |Nathan R. Mitchell |Emmet Mc Nally | +2 more
Despite a busy earnings schedule, 9fin aims to bring you up to date with results you may have missed during the week. Below you will find a TLDR earnings summary for selected companies in the European HY market. The summary aims to capture earnings performance, recent updates and any guidance mentioned in the call. In this week’s edition we cover Douglas, Canpack, United Group, Fedrigoni, Kiloutou, Tele Columbus, Cerba, Kloeckner Pentaplast, Cheplapharm, and Arxada.
