Bloomberg称Altice International债权人重组谈判临近NDA到期日，核心争议为约80亿欧元债务与资产转移诉讼

Negotiations between Altice International and its creditors to rejig the company’s capital structure are nearing a Tuesday deadline as a non-disclosure agreement is set to expire, according to people familiar with the matter.

The company has been negotiating a revamp of its roughly €8 billion ($8.9 billion) debt pile with a group of lenders that sued it in New York earlier this month, alleging that the firm owned by billionaire Patrick Drahi unlawfully shifted most of its assets out of their reach late last year.

The non-disclosure agreement could be extended beyond the deadline, some of the people familiar said, asking not to be identified discussing private information.

The debt held by the litigation committee has been quoted at a premium compared to securities held by those outside of the group, based on expectations that the so-called litco members would get a better recovery of their principal.

But if the parties don’t reach a deal or extend the NDA, Altice International will publish cleansing materials — financial information that wasn’t previously public — which could compress the premium on negotiating lenders’ debt, some of the people said. Others think that even with the disclosures, the premium may not be affected and that those creditors are still set for relatively stronger recoveries.

The litigation committee leading negotiations with the company and pursuing better terms than other creditors includes Arini Capital Management, Diameter Capital Partners, Invesco Ltd., King Street Capital Management, Silver Point Capital, Sona Asset Management and Elliott Investment Management.

Sticking Points

While the talks have been constructive, the parties still need to bridge a gap to determine the compensation for Drahi and the lenders, some of the people said. There was a similar sticking point in the discussions between Drahi and his creditors in Optimum Communications Inc. — formerly Altice USA — earlier this month, but the parties are closing in on an agreement to resolve litigation hand over control of the telecommunications company to lenders.

Another matter being discussed is how to address a loan that Elliott provided last year to a holding company of Altice International to refinance more than €500 million of debt, some of the people familiar said. The money was used to repay a loan with a relationship bank, and made it easier for the company to move some of its assets out of the reach of creditors because the terms of the earlier financing would have complicated such a maneuver, Bloomberg previously reported.

Representatives for Altice International, the litco group and Elliott declined to comment.