A coalition of Altice International creditors, including Arini Capital, Diameter Capital, and Elliott Investment Management, has filed a lawsuit in the Supreme Court of New York alleging a multi-year scheme to unlawfully transfer billions in assets. The plaintiffs claim the defendants, with the help of controlling shareholder Patrick Drahi, shifted value away from them. The suit stems from a November 2025 move where Altice International transferred its Portuguese and Dominican Republic units out of creditor control to raise fresh debt.
The creditors, forming a litigation committee months prior, point to approximately $5.4 billion in inter-company loans transferred to Altice Luxembourg and an entity holding Drahi's British Telecom stake. The complaint argues these prohibited transactions leave creditors "significantly less likely to be repaid in full." With Altice International carrying €8 billion ($9 billion) in net debt starting in 2027, the litigation could hinder the company's ability to secure additional financing. Last year, the firm raised €750 million from investors like Fidera.
Spokespeople for Altice International and the creditor group declined to comment on the ongoing legal action.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing