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Optimum Sues Major Lenders, Alleging Antitrust Violations in Debt Refinancing Block

By  |  November 26, 2025

Optimum Communications has launched a legal battle against eight major financial institutions, claiming they worked together to restrict its ability to refinance billions of dollars in debt. The complaint was filed Tuesday in U.S. federal court in Manhattan, according to Reuters.

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    The broadband and telecommunications provider, formerly known as Altice USA, alleges that Apollo Capital Management, BlackRock, Ares, GoldenTree, J.P. Morgan Investment Management, Loomis Sayles, Oaktree Capital, and PGIM formed what it described as a cooperative that holds nearly all of its outstanding loans and bonds. Per Reuters, Optimum argues this arrangement effectively shuts it out of the U.S. leveraged-finance market by requiring a two-thirds majority for any refinancing approval and preventing individual lenders from negotiating independently.

    In the lawsuit, Optimum claims the financing restrictions have driven up borrowing costs and stopped the company from repurchasing its own debt at market value. The company asserts that this system amounts to a “group boycott” and violates both federal and New York antitrust laws, according to Reuters.

    Optimum, headquartered in Long Island City, New York, serves 4.4 million residential and business customers across 21 states with broadband, mobile, and related services. The company said Tuesday it is taking legal action “to protect our legal rights and enhance our financial flexibility moving forward.”

    The filing states that the defendants collectively control 99% of the company’s outstanding loans and bonds and roughly 88% of the relevant credit market. Although Optimum maintains that it remains financially solvent and able to meet its contractual obligations, it warned that being cut off from capital could increase the risk of a future bankruptcy.

    The complaint alleges that the defendants’ collaboration “is now threatening to starve Optimum of capital until it has to capitulate” and accept reduced debt-management flexibility.

    Optimum is seeking a court order to invalidate the lenders’ cooperation agreement and is requesting unspecified monetary damages.

    Source: Reuters