Altice Offers Creditors 15% Stake in Return for Haircut (1)

Altice France is floating a proposal to give secured creditors a stake in the company to get them to agree to a haircut on their holdings, as the embattled telecommunications giant seeks to whittle away at its €24.4 billion ($26.7 billion) of debt.

Under this informal proposal, debtholders would get an equity stake of between 10% and 15% in exchange for writing off the same amount of their principal, according to people familiar with the matter. Other features of the plan include the extension of the maturities by a certain number of years with a lower interest rate than the ...