Atos - comment

We have a winner, but is it the best deal?  It doesn’t matter, as it was the only deal likely to succeed. Tellingly, the market update from the Company doesn’t state that the Board of Directors thinks it is the best deal, but it is generally consistent with its objectives and, more importantly, has the support of a large number of Atos’ creditors and therefore gives greater confidence in reaching a definitive restructuring agreement.  The delay into mid-June hasn’t resulted in the Company changing its target, a dedicated accelerated procedure by July 2024.  This deal leaves creditors as the largest equity holders, securing 79% of the restructured equity.