Drahi’s Optimum Inks Deal to Drag Creditors It Sued to Table (2)

Optimum Communications reached a deal to raise capital at a unit that moves assets out of the reach of lenders that were sued by the company, in a move the troubled telco operator said will boost the chances of reaching a debt-overhaul agreement with the creditor group.

The company’s legal counsel White & Case and the counsel to the creditor group Akin Gump Strauss Hauer & Feld held talks Monday in which Optimum said it had prepared a restructuring proposal that it can present to lenders to jumpstart negotiations, said people familiar with the situation, who asked not to ...