Atos - comment

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 aiming for a Sauvegarde Aggeleree as statements made include references to "prepared to lead the recapitalization of the whole group with the support of its employees.” In particular the reference to employees should leave no doubt as to the tools to be used. We expect the two firms to propose a crippling haircut to creditors along with a significant cash injection to buy themselves into majority ownership, where the minority would be owned by creditors. 

Tomorrow morning Atos will release publicly the outline of the restructuring they are proposing tonight. (There will be a meeting this evening for credit investors who wish to be restricted). Sarria will remain unrestricted.