Billionaire Drahi Strikes Back With Moves Bashing Altice Lenders

The largest creditors to Altice France met at Château Lafite Rothschild near Bordeaux on Monday to toast a debt restructuring deal that was one-and-a-half years in the making. Bondholders and lenders in other corners of Patrick Drahi’s telecommunications empire had far less reason to celebrate.

Investors in Altice’s US and International units had been left blindsided the week before as Drahi made a fresh attempt at maneuvers disadvantaging creditors in a bid to keep control of his debt-saddled companies.

First, Altice USA — now operating as Optimum Communications Inc. — said that it had repaid its most restrictive loan early ...