Atos - comment

Atos has appointed mandataire ad hoc to assist the Company’s discussions with its banks. We note that the discussion has only been with the banks and the Company has not met with bondholders.  As we discuss in our analysis, which we aim to circulate later today, we fully expect the banks to take security as part of any deal to extend its maturities and provide letters of credit to maintain its working capital.  With upcoming bond maturities starting with the convertible in November 2024, we expect the Company to undertake a second legal process post-elevation of the banks to senior secured status.  

Separately, the Company acknowledge the two sales processes continue, with the TFCo sales negotiations focusing primarily on the mechanism for releasing EPEI from its obligation to acquire a stake in the Eviden business.  

We’ll be uploading our first analysis of the situation later today.