Free Trial

Atos CEO Replaced; Accelerated Safeguard Proceedings Opened

TECHNOLOGY

Rating: CCC- EUR 25s/29s 80c/40c cheaper at EUR 9.50/EUR 9.70

  • Jean-Pierre Mustier appointed CEO and Chairman, replacing Paul Saleh.
  • French courts have opened the accelerated safeguard proceedings for Atos' restructuring. Court hearing on October 15, 2024.
  • “The opening of the accelerated safeguard proceedings will imply a further downgrade, for technical reasons, of Atos credit rating, which currently stands at CCC-. The Company believes its credit rating should gradually improve after the completion of its financial restructuring and remains confident on its objective to reach a BB credit rating by 2026 year-end.”
  • EUR 800mn secured as interim financing is to be refinanced by EUR 1.75bn in new financings before year-end. Strong bondholder participation in the new financings noted; EUR 837.5mn new bond issue and EUR 75mn backstop in cash of rights issue underwritten by 67% of bondholders.
  • Voting by affected parties by end of September 2024, court approval hearing on October 15, 2024, followed by capital increases and debt issuances from November 2024 to January 2025.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.