Rio Ferdinand was jokingly called out by Manchester United after they produced an excellent comeback against Nottingham Forest on Saturday.
08.08.2023 - 15:43 / deadline.com
Telecoms tycoon Patrick Drahi told an earnings call for Altice France on Tuesday his main priority for the subsidiary was to reduce its $26 billion debt but the sale of its media assets – comprising the BFM TV and RMC TV and radio networks – was not on the cards.
In a rare move for the Israeli-French billionaire, Drahi was talking directly to analysts for the second time this week as he attempts to calm market jitters sparked by a corruption probe involving Altice Portugal and Drahi’s long-term business associate Armando Pereira.
The revelation has prompted closer scrutiny of the entire Altice parent group – spanning Altice International, Altice France and a stake in Altice US.
As well as raising questions about the governance of the group, some market commentators suggest the affair will impact its options for servicing its estimated combined $60 billion worth of debt.
Second quarter results for Altice France – grouping telecom giant SFR, Altice Media (BFMTV and RMC) and a 50% stake in fiber optics company XpFibre – showed a 2.6% decline in revenue year-on-year to $3 billion (2.77 billion euros) and a 5.7% decline in EBITDA to $1.12 billion (1.02 billion euros).
Drahi said his “single priority for today” for Altice France was to deleverage and strengthen its capital structure, with a leverage target of 4.5 times net debt to EBITDA, against 6.3 at the end of June.
He added that many of his long-term lenders had experience of him dealing with and finding solutions for similarly complex debt situations in the past.
Drahi detailed a four-pronged debt reduction strategy, comprising the empowerment of local management, the sale of non-core assets, buying back debt and “contributing equity and implementing actions on the
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Israeli-French telecoms and media mogul Patrick Drahi took the unusual step of directly addressing investors and analysts at a quarterly results call for Altice International on Monday in a bid to calm jitters over a corruption probe shaking its Portuguese subsidiary.