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The company’s initially resounding rebuttal this morning narrows significantly in the admission that there was a security breach of “data mentioning the
The French state, determined to buy the Advanced Computing segment from Atos, has resubmitted a non-binding offer of €500m with exclusivity
Our main concern with the restructuring proposal which Atos is progressing through the courts is the business remains over-leveraged. We keep an eye on
The option held by the French state to acquire the Advanced Computing, Mission-Critical Systems and Cybersecurity Products businesses of
Atos have updated the market, stating they have obtained the additional two-month extension to the accelerated
Atos has again revised their projections downwards for 2024-2027. Management are expecting yet lower top-line revenue, driven by underperformance in the
(Aengus on Tomá’s behalf) The new CEO is a banker by trade, so his skill set is a fit for a company undergoing debt restructuring. We expect Mustier to
Atos announced yesterday (Wednesday) the opening of accelerated safeguard proceedings in the Commercial Court of Nanterre. At the
Atos has not disclosed the % of financial creditors who have signed the Lock-up Agreement, which implies the number is low, only stating a
We have not been fans of ATOS bonds at any time so far. We are still not interested in taking a position, even as we previously indicated that a
Atos continue to make progress with its restructuring proposal, with the Company providing a further update to the market today. Atos has completed the
Despite the speculation, there is no room for EPEI (Kretinsky) in the confirmed creditor plan. The creditor plan is broadly the same as first proposed in partnership
The soap opera that is Atos continues. Creditors now have the opportunity/obligation to go it alone, as David Layani and OnePoint are forced to
All the pieces appear to be falling into place for a definitive financial restructuring by July this year. Atos today received a non-binding offer from the
To move the restructuring forward, Atos released a statement this morning, seeking bondholders and banks who wish to participate in the new money and equity
We have a winner, but is it the best deal? It doesn’t matter, as it was the only deal likely to succeed. Tellingly, the market update from the Company doesn’t state that
Krentinsky's final and best offer from last week has apparently improved. According to BFM Business, the improved offer is for creditors to receive c.20% of the
Please find our existing model here.
The main focus of this email is to outline the two proposals in front of Madame Hélène Bourbouloux, the Company and ultimately, the creditors who will
Into the final straight, and three becomes two. The race will likely end on Thursday, with Atos to issue a further statement on Thursday updating on
Le Figaro report on a letter sent to the courts and administrator that a blocking minority of creditors intend to reject the EPEI (Kretinsky)/Attestor offer. EPEI have
Please find our updated analysis here.
We have delayed writing on Atos and the collection of offer letters as we see none of the proposed offers having any chance of success. These offers are
Our initial reaction to the four distinct “offer” letters from financial creditors, Bain Capital, EPEI (Kretinsky)/Attestor, and OnePoint/Butler Industries, is slightly reserved. Summary below
Les Echos reported that Bain Capital will submit a bid for parts of Atos, meeting today’s deadline. Bain Capital was previously mentioned in conjunction with a
The break-up of Atos still remains an option despite management’s aim of achieving a restructuring of Atos as a whole. Apart from the French state’s approach for a
The headlines are dominated by a non-binding letter of intent from the French state to acquire 100% of a subset of BDS business for c. €700-1,000m subject to
Atos released its Q1 numbers but the most important aspects were not number-related. End result of announcement is a more severe debt forgiveness is
After several press articles outlining the shareholders' (OnePoint and Walter Butler, financed by Carlyle) approach to a potential restructuring of Atos, creditors have
Please find our unchanged analysis here.
Our initial thoughts on the Atos presentation yesterday morning have been that operationally, projections are very ambitious and difficult to justify. Therefore, the level of
Our initial thoughts on the Atos presentation this morning are that operational projections are very ambitious and difficult to justify. Therefore, the level of
Walter Butler’s firm has joined forces with shareholder Onepoint in a “consortium” with the aim to “Make Atos Great Again”. Onepoint and Butler appear to be