The offer to Altis creditors
A large group of secured creditors recently submitted an offer toAlticethe giant communications company owned by the Israeli-French billionaire Patrick Darhy. This is a proposal to deal with huge debts of 24.4 billion euros, accumulated as a result of leveraged purchases in a period of low interest rates. If the offer is accepted, Darhi could lose control of his company.
Patrick Darhy in a better time (Credit: Shmuel Nachmani)
The creditors offered a “haircut” of about 15%-20% on the guaranteed debts, when in return they would receive bonds that can be converted into shares in the future. This move could lead to Drahi losing control of Altis. The question is whether Drahi has another solution, after all – Altis has no way to return these debts to the creditors and in fact it is in the hands of the creditors.
Creditors have been losing patience in recent months and they have made it clear that the next steps will be more dramatic due to the group’s inability to deal with the burden of its debts, especially when the high interest rates and large expenses for ongoing maintenance come into play. At the same time, they demand that part of the company’s income from the sale of assets (about 3 billion euros) be transferred to pay debts, and even request that Darhi inject his own personal capital to save the company.
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Altice, which owns telecommunications companies in Europe, the US and Israel, has run into financial trouble following its rapid expansion, and the situation in France is not helping it – the telecom business there, especially SFRsuffer from poor performance.
Patrick Darhy and his presence in Israel
So who is Patrick Darhy, and what is his connection to the media in Israel? Besides being an international media mogul, Darhi also controls some of the largest assets in the Israeli media market. He owns Hotthe leading telecommunications provider that provides television, internet and telephony services. Darhi purchased Hot in 2009 and since then the company has been an integral part of the local market.
Beyond that, Darhi also controls the news channel – i24NEWSit is an international news channel that broadcasts from Israel to the whole world in several languages, most recently also in Hebrew. In the meantime, the channel is not reaching the impact it was supposed to have, the Hebrew channel has so far suffered a rating failure. And yet – Dehri has positioned itself as a significant factor in the Israeli media market.
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Another French secretary, Mr. Michael Golan… (LA)
Sucker 20/09/2024 13:14
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A lot of property, a lot of worry – grabbed a lot and was left with nothing
Making an account 09/20/2024 11:47
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That’s how it always is with the leveraged.
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