Tycoon Drahi Could Lose Control of Altice Under Creditors’ Plan

A large group of Altice France secured creditors sent the company a proposal to fix its €24.4 billion ($27.2 billion) debt pile that raises the possibility of billionaire owner Patrick Drahi losing control, according to people familiar with the matter.

The creditors delivered their plan on Tuesday and the company is reviewing it, although it’s unlikely to accept it, said some of the people, asking not to be identified discussing private information.

An Altice spokesman declined to comment, as did a representative for the secured group.

The embattled French telecommunications company asked secured creditors in July to take a 20% ...