Altice France, Creditors Near Deal to Restructure Debt (2)

Billionaire Patrick Drahi’s telecom provider Altice France is close to finalizing a deal with creditors to cut the company’s debt pile by €8.6 billion ($9 billion) in exchange for a non-controlling equity stake and governance changes, people familiar with the matter said.

Secured creditors will receive a 31% stake, a cash payment and reinstated secured debt with tighter documentation that limits related-party transactions, the people familiar said, asking not to be identified discussing private information.

Unsecured creditors will get 14% of the equity, a smaller cash payment and a smaller amount of reinstated unsecured debt, they said. The deal ...