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Atos Bonds Rally On Acceptance Of Onepoint Restructuring Proposal

TECHNOLOGY


  • Atos’ has opted for the financial restructuring proposal from Onepoint consortium consisting of Onepoint, Butler Industries, Econocom, and financial creditors. Aiming for final agreement by July; Creditor agreement is still needed though seems likely.
  • Proposal includes converting EUR 2.9B debt to equity, EUR 1.5B new debt (including EUR 300M in bank guarantees), and EUR 250M new equity (EUR 175M from Onepoint for 21% equity, EUR 75M from creditors for 9% equity).
  • EUR 28s/29s over 4pts richer; equity selling off on resulting dilution.

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