[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"detail-sidebar-cat-0-en-105":3,"doc-seo-137556-105":59,"doc-detail-137556-en":130},{"code":4,"msg":5,"data":6},0,"success",[7,13,18,23,28,33,38,43,48,51,55],{"id":8,"doc_module":4,"doc_module_name":9,"category_name":10,"show_sort_weight":11,"slug":12},1,"Document","Story & Novel",90,"story-novel",{"id":14,"doc_module":4,"doc_module_name":9,"category_name":15,"show_sort_weight":16,"slug":17},2,"Literature",80,"literature",{"id":19,"doc_module":4,"doc_module_name":9,"category_name":20,"show_sort_weight":21,"slug":22},4,"Exam",70,"exam",{"id":24,"doc_module":4,"doc_module_name":9,"category_name":25,"show_sort_weight":26,"slug":27},5,"Comic",60,"comic",{"id":29,"doc_module":4,"doc_module_name":9,"category_name":30,"show_sort_weight":31,"slug":32},6,"Technology",50,"technology",{"id":34,"doc_module":4,"doc_module_name":9,"category_name":35,"show_sort_weight":36,"slug":37},7,"Healthcare",40,"healthcare",{"id":39,"doc_module":4,"doc_module_name":9,"category_name":40,"show_sort_weight":41,"slug":42},8,"Research & Report",30,"research-report",{"id":44,"doc_module":4,"doc_module_name":9,"category_name":45,"show_sort_weight":46,"slug":47},9,"Religion & Spirituality",20,"religion-spirituality",{"id":46,"doc_module":4,"doc_module_name":9,"category_name":49,"show_sort_weight":46,"slug":50},"World Cup","world-cup",{"id":52,"doc_module":4,"doc_module_name":9,"category_name":53,"show_sort_weight":52,"slug":54},10,"Lifestyle","lifestyle",{"id":56,"doc_module":4,"doc_module_name":9,"category_name":57,"show_sort_weight":24,"slug":58},19,"General","general",{"code":4,"msg":60,"data":61},"ok",{"site_id":62,"language":63,"slug":64,"title":65,"keywords":66,"description":67,"schema_data":68,"social_meta":123,"head_meta":125,"extra_data":127,"updated_unix":129},105,"en","optimum-communications-welcome-to-the-scorched-earth-era-of-anti-cooperation","Optimum Communications - Welcome to the Scorched Earth Era of Anti-Cooperation","","Report analyzes and compares anti-cooperation provisions embedded in Optimum Communications’ (FKA Altice USA) November 25, 2025 unrestricted subsidiary credit facility. It outlines how cooperation agreements typically bind creditors during liability management transactions and how anti-cooperation clauses are designed to prevent creditor bloc formation. The report focuses on the new anti-cooperation language in Section 9.23 of the UnSub Credit Agreement, including its prohibition, punitive consequences for lenders, and reporting requirements.",{"@graph":69,"@context":122},[70,84,105],{"@type":71,"itemListElement":72},"BreadcrumbList",[73,77,79,82],{"item":74,"name":75,"@type":76,"position":8},"https://docshare.wps.com","Home","ListItem",{"item":78,"name":9,"@type":76,"position":14},"https://docshare.wps.com/document/",{"item":80,"name":40,"@type":76,"position":81},"https://docshare.wps.com/document/research-report/",3,{"item":83,"name":65,"@type":76,"position":19},"https://docshare.wps.com/document/optimum-communications-welcome-to-the-scorched-earth-era-of-anti-cooperation/137556/",{"url":83,"name":65,"@type":85,"image":86,"author":91,"headline":65,"publisher":94,"fileFormat":97,"inLanguage":63,"description":67,"dateModified":98,"datePublished":99,"encodingFormat":97,"isAccessibleForFree":100,"interactionStatistic":101},"DigitalDocument",{"url":87,"@type":88,"width":89,"height":90},"https://docshare.wps.com/thumbnails/optimum-communications-welcome-to-the-scorched-earth-era-of-anti-cooperation/137556.png","ImageObject",300,407,{"name":92,"@type":93},"Putri","Person",{"url":74,"name":95,"@type":96},"DocShare","Organization","application/pdf","2026-10-18","2026-08-22",true,{"@type":102,"interactionType":103,"userInteractionCount":52},"InteractionCounter",{"@type":104},"ViewAction",{"@type":106,"mainEntity":107},"FAQPage",[108,114,118],{"name":109,"@type":110,"acceptedAnswer":111},"What problem do anti-cooperation provisions in debt agreements aim to address?","Question",{"text":112,"@type":113},"They are designed to prevent creditors from forming blocs or organizing with each other when negotiating with the debt issuer, limiting coordination during liability management.","Answer",{"name":115,"@type":110,"acceptedAnswer":116},"Where is Optimum’s anti-cooperation provision located in the UnSub Credit Agreement?",{"text":117,"@type":113},"It appears in Section 9.23, titled “Prohibition Regarding Cooperation Agreements (the ‘ACP’)”. The ACP is structured into the prohibition, consequences, and reporting requirement.",{"name":119,"@type":110,"acceptedAnswer":120},"How does the report treat the scope of Optimum’s related antitrust litigation?",{"text":121,"@type":113},"The report concentrates on the anti-cooperation language and explicitly excludes analysis of the complaint and antitrust-law arguments brought by Optimum, since that material falls beyond the report’s scope.","https://schema.org",{"og:url":83,"og:type":124,"og:title":65,"og:site_name":95,"og:description":67},"article",{"robots":126,"canonical":83},"index,follow",{"doc_id":128,"site_id":62},137556,1787419313,{"code":4,"msg":5,"data":131},{"doc_id":128,"user_id":132,"nickname":92,"user_avatar":133,"doc_module":4,"category_id":39,"category_name":40,"doc_title":65,"doc_description":67,"doc_content":134,"file_id":135,"file_url":136,"file_type":137,"file_size":138,"view_count":52,"is_deleted":4,"is_public":8,"is_downloadable":8,"audit_status":8,"page_count":39,"language":139,"language_code":63,"site_id":62,"html_lang":63,"table_of_contents":140,"faqs":141,"seo_title":142,"seo_description":67,"update_tm":129,"read_time":46,"preview_page_count":4},962085571259,"https://ap-avatar.wpscdn.com/davatar_29158cc5080c5b710cf443261637dec0","Research Date: December 2, 2025  \nOptimum Communications: Welcome to the Scorched Earth Era of AntiCooperation  \n\n| The Bottom Line ™ : |\n| --- |\n| • Anti-cooperation provisions in debt agreements are designed specifically to prevent creditors from forming blocs or otherwise organizing with each other when negotiating with a debt issuer. Such provisions have gained notoriety in recent months as a potential tool to allow debt issuers to control liability management negotiations.\u003Cbr>• Optimum Communication’s unrestricted subsidiary credit facility, dated November 25, 2025, includes such a provision.\u003Cbr>• Optimum’s anti-cooperation provision goes further in a number of respects than prior iterations obtained by Covenant Review, particularly in terms of the potential consequences to creditors.\u003Cbr>• In this report, we review and analyze the language included in Optimum’s new credit agreement and compare it to prior known examples of anti-cooperation provisions. |\n\nOverview  \nThe rise to prominence of cooperation agreements is one of the major themes to emerge in the past few years with respect to liability management transactions (LMTs) . These agreements bind creditors together when negotiating with a debt issuer—ostensibly offering protection in numbers or inhibiting “creditor-on-creditor” violence. The terms of cooperation agreements are known to vary widely and can require, among other things, that any deal struck with the debt issuer be with the approval of the signatories to the cooperation agreement, that any resultant deal with the borrower or issuer be on a pro rata basis, and/or that signatories will not “deal away” from the rest of the group. In response to such agreements, sponsors and debt issuers have begun to implement language prohibiting cooperation agreements—so called “anti-cooperation” provisions.  \nCovenant Review has written several reports on anti-cooperation language in recent months , including Market Alert: Anti-Cooperation Language Debuts in the US BSL Market , Warner Bros. Discovery Exchange: The “Non-Boycott” Covenant , and Market Alert: It’s Baaaaack – AntiCooperation Returns to BSL Syndication.  \nOn November 25, 2025, Optimum Communications (FKA Altice USA) (“Optimum”) publicly disclosed a complex transaction that involved the taking out of its restrictive B-6 term loan.1 As part of the transaction, Optimum issued $2 billion of new term loan debt out of Cablevision of Litchfield, LLC (“Cablevision Litchfield”) under a Credit Agreement, dated November 25, 2025 (the “UnSub  \n1 See Optimum Communications: The B-6 Domino Falls.  \nANALYST CONTACT: Ian Feng  \n+1 (212) 716-5797  \n[ifeng@covenantreview.com](ifeng@covenantreview.com)  \nOptimum Communications: Welcome to the Scorched Earth Era of Anti-Cooperation  \nCredit Agreement”) .2 Cablevision Litchfield is an unrestricted subsidiary of CSC Holdings, LLC (“CSC,” which is the borrower under the Credit Agreement, dated October 9, 2015, which previously governed the B-6 term loan3) . Included in the UnSub Credit Agreement is an iteration of anticooperation language. In this report, we assess this new provision, compare it with prior formulations (which have largely not survived the syndication process), and discuss how the language is significantly more punitive towards lenders than those prior iterations.  \nFor purposes of this report, we will focus primarily on the anti-cooperation language and not on Optimum’s concurrent lawsuit (the “Complaint”) against creditors party to the existing cooperation arrangement.4 As the Complaint touches on questions of antitrust law, a discussion of the arguments brought to bear by Optimum in the litigation is beyond the scope of the current report.  \nOptimum’s Anti-Cooperation Provision  \nThe anti-cooperation provision in Optimum’s UnSub Credit Agreement is located in Section 9.23, titled Prohibition Regarding Cooperation Agreements (the “ACP”) . The ACP can be broken up into three main components: the Prohibition, the Con","cbCaipsYIG7uZgjo","https://ap.wps.com/l/cbCaipsYIG7uZgjo","pdf",334512,"English","# The Bottom Line\n# Overview\n## Cooperation Agreements and Liability Management Transactions\n## Prior Anti-Cooperation Reporting\n# Optimum’s Anti-Cooperation Provision\n## Location and Components of the ACP (Prohibition, Consequences, Reporting)\n## The Prohibition\n## The Consequences\n## The Reporting Requirement","[{\"question\":\"What problem do anti-cooperation provisions in debt agreements aim to address?\",\"answer\":\"They are designed to prevent creditors from forming blocs or organizing with each other when negotiating with the debt issuer, limiting coordination during liability management.\"},{\"question\":\"Where is Optimum’s anti-cooperation provision located in the UnSub Credit Agreement?\",\"answer\":\"It appears in Section 9.23, titled “Prohibition Regarding Cooperation Agreements (the ‘ACP’)”. The ACP is structured into the prohibition, consequences, and reporting requirement.\"},{\"question\":\"How does the report treat the scope of Optimum’s related antitrust litigation?\",\"answer\":\"The report concentrates on the anti-cooperation language and explicitly excludes analysis of the complaint and antitrust-law arguments brought by Optimum, since that material falls beyond the report’s scope.\"}]","Optimum Communications - Welcome to the Scorched Earth Era of Anti-Cooperation | PDF"]