November 30, 2017 / 3:55 PM / 11 days ago

Altice shares drop down to new lows

PARIS, Nov 30 (Reuters) - Shares in telecoms and cable group Altice , whose 50 billion euros ($59.6 billion) debt burden has been the source of concern for investors, slumped on Thursday to fall below the company’s record low for its closing stock price.

Altice was down 5.7 percent at 6.63 euros in late session trading - below the stock’s record closing price low of 6.69 euros reached in March 2014. Its record intraday low stands at 6.20 euros, also reached in March 2014.

Altice’s share price has halved since it reported disappointing quarterly results in France earlier this month amid a fiercely competitive market.

Patrick Drahi, the billionaire founder and majority owner of Altice, fired chief executive Michel Combes and pledged this month that Altice would shift away from acquisitions and focus on cutting its debt.

Altice said it had identified assets that could be sold, including its portfolio of telecoms towers, and that sales could start as early as the first half of 2018.

$1 = 0.8391 euros Reporting by Sudip Kar-Gupta and Blandine Henault; Editing by Bate Felix

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