**Altice USA Lenders Engage Legal Team Amid Lawsuit Claims**
**Meta Description:** Altice USA’s lenders hire Sullivan & Cromwell to counter a lawsuit alleging collusion to exclude the company from the US credit market.
**URL Slug:** altice-usa-lenders-lawsuit
**Headline:** Altice USA Lenders Hire Sullivan & Cromwell to Combat Lawsuit Allegations
In a significant legal development, lenders to Altice USA have enlisted the services of Sullivan & Cromwell to address a lawsuit claiming they conspired to exclude the telecom company from the US credit market. This lawsuit, filed last month, has raised serious questions about the legality of cooperation agreements among lenders, which are intended to enhance their negotiating power.
The lawsuit, described as unprecedented for a borrower, accuses major lenders—including Apollo Capital Management, Ares Management, and BlackRock Financial Management—of forming an “illegal cartel” through a cooperation agreement. This agreement allegedly allowed them to negotiate collectively, thereby undermining Altice USA’s access to credit.
Sullivan & Cromwell, recognized for its expertise in antitrust matters, will collaborate with Akin Gump Strauss Hauer & Feld, which had already been retained by the creditors. Sources familiar with the situation, who requested anonymity, confirmed this legal strategy.
Altice USA, which has recently rebranded as Optimum Communications Inc., is grappling with substantial debt. The company has been working with Kellogg, Hansen, Todd, Figel & Frederick, a law firm noted for its antitrust specialization and instrumental in initiating the lawsuit.
During a recent call with lenders, representatives from Akin Gump and PJT Partners, who are advising the creditor group, asserted that the lawsuit lacks merit, according to reports.
As this legal battle unfolds, the implications for both Altice USA and the broader credit market remain to be seen, particularly regarding the future of cooperation agreements among lenders.
**FAQ Section**
**Q: What is the lawsuit against Altice USA’s lenders about?**
A: The lawsuit alleges that lenders colluded to form an illegal cartel, effectively freezing Altice USA out of the US credit market through a cooperation agreement.
