January 30, 2018 / 6:22 AM / 10 months ago

Debt-ridden Altice to further reduce share capital

PARIS (Reuters) - Altice, the telecoms and cable group in the middle of a restructuring aimed at cutting its debt, said it was reducing its share capital in a move that could help to improve its overall returns.

Altice said it would cancel 370,000,000 common shares A, in addition to the 416,000,000 common shares A and 1,307,716 common shares B it had resolved to cancel on Dec. 4, 2017.

Earlier this month, Altice said it would spin off its U.S. arm, which owns the country’s No.4 cable operator, to existing investors, and would prioritize efforts to turn around its European operations including French telecoms operator SFR.

Reporting by Sudip Kar-Gupta; Editing by Himani Sarkar

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