Atos - comment

Atos announced yesterday (Wednesday) the opening of accelerated safeguard proceedings in the Commercial Court of Nanterre.  At the close of the syndiciation period, 67% of Bondholders have contributed to the New Secured financing, and therefore have joined the Lock-up Agreement and are in favour of the Company’s financial restructuring plan.  We had expected this number to be higher.  The New Financing provided by the Banks was fully subscribed as of 11th July.  The Company has never disclosed what % of banks participated in the syndication of the new financing.  The court hearing for the approval of the safeguard plan is expected on October 15th.  

Paul Saleh, the CEO has resigned with immediate effect.  The Board have appointed Jean Pierre Mustier, as Atos CEO, in addition to his role as Chairman.  This is Atos’ 6th CEO in three years.