JPMorgan Alums’ Hedge Fund Advised Altice on Asset-Shifting Deal

Billionaire Patrick Drahi and the management team of Altice International turned to an unusual adviser to obtain new financing after shifting most of its assets out of creditors’ reach: a hedge fund founded by former JPMorgan Chase & Co. bankers.

Last month, the telecommunications provider said it moved two of its units out of the reach of creditors and raised new debt from one of them. Merlyn Advisors, founded by Maarten Petermann and Alessandro Barnaba, was the sole financial adviser on this so-called drop-down maneuver that infuriated Altice’s existing debtholders, according to people familiar with the matter.

Representatives ...