Altice Debt Drama Brings US-Style Creditor Cooperation to Europe [BNN Bloomberg (Canada)]
Apollo Global Management, Inc. (New) (APO)
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Source: BNN Bloomberg
A group of secured creditors to billionaire Patrick Drahi's French telecommunications company is preparing to sign a six-month cooperation agreement that binds them to act together in debt negotiations, Bloomberg reported. Such deals have become a common tool designed to prevent US restructurings from turning contentious, but remain a relative rarity in Europe. European investors have been slow to embrace cooperation agreements because there is simply less creditor in-fighting, given the smaller market size and lack of legal precedent for such accords. But Altice, which boasts a roughly €24 billion ($25.5 billion) debt load, may be a turning point as creditors seek to protect themselves in a large, cross-border restructuring, market watchers say. “As is often the case, trends from the US market do migrate to Europe and creditor cooperation agreements are no exception,” said Clare Cottle, a special situations and private credit partner at law firm Akin Gump Strauss Hauer & Feld. W
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