https://broadbandbreakfast.com/debt-plagued-isp-optimum-close-to-handing-the-keys-to-lenders-resolving-litigation/
Today, October 21, 2026 — Optimum Restructuring Reaches Endgame
This morning Bloomberg and the Wall Street Journal both reported that Optimum Communications is close to a deal that hands control of the company to its lenders. The stock opened at $0.58, down roughly 32% overnight, and has partially recovered to around $0.66. The market is pricing in that existing equity is essentially worthless in the new structure.
The deal in broad terms: Apollo Global Management, Oaktree Capital Management, and JPMorgan Chase would receive equity in the reorganized company, effectively becoming its new owners. The ongoing litigation — the September lawsuit Apollo and Oaktree filed alleging fraudulent transfers — would be settled as part of the agreement.
Drahi's position: He was demanding $3B in equity in the restructured company; creditors were willing to give him roughly $500M. The WSJ reports "the gap has shrunk recently," meaning Drahi is conceding toward the creditors' number. How his preferred shares from the June $300M raise are treated is reportedly the last open issue.
What this means practically: A Chapter 11 filing is likely weeks away, not months. Once filed, Apollo, Oaktree, and JPMorgan are effectively running the company through the process, and a reorganized Optimum emerges with a dramatically reduced debt load and new ownership.
The restructuring is no longer a background risk — it's an imminent event. New ownership will be evaluating everything from leadership to strategy.