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Bond Market News
Altice Receives Default Notice from Bondholders
July 16, 2026
– Vandit P
Altice International Sarl received a default notice from a group of creditors holding its 2028 secured notes, alleging that the telecom firm violated its debt covenants. The creditors claim that Altice extended €5bn ($5.7bn) in inter-company loans to other group entities and shifted assets outside the restricted group and beyond the creditors’ reach. This move follows months of creditors pushing Altice to engage on upcoming debt maturities without success. The creditors argue that under the debt contract, Altice should have offered to repay outstanding debt once “substantially all assets” were removed from their reach. They also alleged that collateral originally backing the inter-company loans was subsequently moved elsewhere. The creditor group has also entered into a new, longer-dated cooperation agreement extending through January 2028 as they prepare further contractual and legal action. The dispute is the latest chapter in a standoff lasting more than two years between the broader Altice group and its creditors.
Its 5% 2028s dropped 1.1 points to 67.4 cents on the dollar.
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