Apollo Capital Management, BlackRock, and several other major financial firms are facing a new federal lawsuit that accuses them of working together to block Optimum Communications from refinancing billions of dollars in debt.
The complaint, filed Tuesday in Manhattan, claims the companies joined forces in a way that made it nearly impossible for Optimum to adjust its loans or access the US leveraged-finance market.
Optimum, formerly known as Altice USA, says the firms created a "cooperative" in July 2024 that required a two-thirds supermajority vote before any refinancing deal could be approved.
The lawsuit says this deal also stopped individual lenders from talking with the company on their own.
Optimum argues that this acted like a "group boycott," violating both federal and New York antitrust laws.
According to the company, the restrictions pushed borrowing costs higher and prevented it from buying back its own debt at fair market prices.
According to JDJournal, Optimum says the setup gave the lenders overwhelming power because they hold about 99% of its loans and bonds and control roughly 88% of the credit market tied to its refinancing needs.
JUST IN: Optimum Communications $OPTU (US cable & broadband giant, formerly Altice USA) accuses Apollo, Ares, BlackRock and Oaktree of forming an “illegal cartel” to seize control of its $26bn distressed debt pile and force a takeover. pic.twitter.com/9nbhw0WkJY
— SwanDesk (@SwanDesk) November 25, 2025
Eight Finance Firms Named in Optimum Antitrust Suit
The lawsuit names eight firms: Apollo, BlackRock, Ares, GoldenTree, J.P. Morgan Investment Management, Loomis Sayles, Oaktree Capital, and PGIM, the asset-management arm of Prudential. None of the firms have commented so far.
Optimum said in a statement that it filed the lawsuit to "protect our legal rights and enhance our financial flexibility moving forward."
The company, based in Long Island City, serves 4.4 million customers in 21 states with broadband, TV, phone, and mobile services, Reuters reported.
While Optimum says it is still financially stable and able to meet its current obligations, it warns that being blocked from refinancing puts the company at greater risk of bankruptcy.
The complaint claims the lenders' joint actions are "threatening to starve Optimum of capital until it has to capitulate" and give up important debt-management options.
Optimum is asking the judge to cancel the cooperation agreement and award monetary damages, though it did not specify an amount.
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