Altice soothes investors by promising not to sell new shares to raise cash
Helsinki — Embattled billionaire Patrick Drahi sought to shore up the plunging stock price at Altice on Monday, the phone and cable company weighed down by $50bn in debt, assuring investors he would not sell new shares to raise cash. "Altice confirms that it is not in preparation of a cash raising by means of an equity or equity-linked issuance and has no intention to pursue such action within the group including Altice USA," the Amsterdam-based company said in a statement published at 12.30am on Monday. Altice shares rose as much as 16%, the biggest intraday advance since June 2015. Altice is trying to soothe investor concerns over its ability to manage its debt load, topping $50bn. Before Monday, its stock had plunged 50% since November 2, when the company predicted full-year earnings at the lower end of a previous forecast due to delays to cost-cutting efforts in France. The stock tumbled 12% on Friday, its 10th decline in 11 sessions. Drahi’s investment company, Next Alt, did no...
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