Creditors of Patrick Drahi’s Altice telecoms empire have accused part of the billionaire’s business of defaulting on more than €2bn of debt, claiming that a series of transactions breached key terms of its borrowing agreements. A group of creditors owning about €8bn of top‑ranking debt at Altice International sent watermark notice of default on Tuesday.

The notice targets a “drop‑down” that removed Altice Portugal SA and Altice Caribbean Sarl, which account for roughly 80 % of earnings, from the pool of assets available to creditors. The move also focuses on about €5bn in inter‑company loans that removed value from the group.

Altice International’s secured creditors, including London‑based Sona Asset Management and Arini Capital Management, will enter a new co‑operation agreement running until at least January 2028, extendable to August 2029. Similar asset‑shifting tactics were used by Drahi’s US vehicle Optimum Communications, sparking a battle with major asset managers.

Earlier this year, Drahi agreed a €20.35bn deal to sell the French business SFR to a consortium of Bouygues Telecom, Iliad, and Orange. The EU Commission approved Iliad’s request for regulatory scrutiny, boosting the consortium’s chances of market consolidation.