As Altice prepares to sell off some of its non-core assets to write down its €51 billion of debt, its Dominican Public unit has emerged as the most likely first casualty.
With 4 million connections in the market, Altice is the Dominican Republic’s number two mobile operator, and also provides fibre broadband in the Caribbean country. The group recently laid out its plan to generate funds following its share prices tumbling to their lowest since its IPO in 2014.
The firm has been in hot water of late, with a group of its French shareholders launching a legal claim alleging that Altice played down its debt level to investors. They also claim that the firm misled them about having its debt under control. Altice has countered that it disclosed all of its financial reports to the relevant regulators.
Altice has seen rapid growth via various acquisitions, but in doing so has amassed significant debt. Beginning in 2014, it has spent €46.5 billion on Portugal’s PT, France’s SFR, and US cable firms Cablevision and Suddenlink.
However, it has struggled lately, with its Q3 earnings well below expectations. In addition, its CEO Michel Combes recently resigned.