Altice, which owns PT and MEO in Portugal and a worldwide raft of communications companies, has seen its shares plummet on the Amsterdam stock exchange where it is traded.
On Tuesday alone, the company run by Patrick Drahi, lost 13% of its share value and already is worth about half it was before its third quarter results were announced in November 2nd.
On Tuesday, shares in the company fell 13.1% to €8.90 with investors now focusing on the group’s €50 billion debt pile and management’s inability to deal with it.
The dire results already have seen last Friday's resignation of chairman, Michel Combes, with Nicolas Petit, the head of Altice's marketing department, leaving on Monday having joined the company only in June.
The departure of Combes has led to a reshuffle with Armando Pereira, a much feared turnaround specialist, reinforcing his power-base and sharpening his legendary cost-cutting knife.
Altice paid €7.4 billion for Portugal Telecom in January 2015.